This small-bank deal is all about Pittsburgh
Brentwood Bank in Bethel Park, Pa., has agreed to buy Union Building and Loan Savings Bank in West Bridgewater, Pa.
Union will operate a division of Brentwood Bank once the deal closes, according to a press release from the banks on Thursday. One director from the $33 million-asset Union will join the $619 million-asset Brentwood’s board. All Union employees will be offered positions at the combined company, according to the release.
An advisory board will be formed with other former Union trustees “to ensure continuity and representation in this important suburban Pittsburgh market,” the release said.
Following the merger, the combined company will have more than $650 million in assets and five branches in the greater Pittsburgh metro area.
“The combination of our two banks will allow us together to extend the technology, delivery channels, and products and services to a broader customer group in the Beaver County market,” Thomas Bailey, president and CEO of Brentwood, said in the release.
The deal is expected to close by the end of the year. Financial terms were not disclosed.
The Kafafian Group served as the financial adviser and Luse Gorman served as legal counsel to Brentwood. Pillar+Aught served as the legal counsel to Union.