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Mars Bancorp, Inc. (MNBP) is a leading holding company of Mars Bank, acquired by NexTier, Inc., resulting in a premier community bank with assets over $2.6 billion. With a focus on commercial business, treasury management, retail, mortgage, and commercial lending, Mars Bank's merger with NexTier brings a robust suite of financial services to Western Pennsylvania. The acquisition, approved by both companies' boards, is set to enhance customer offerings, technology, and branch network.
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NexTier, Inc. completes merger with Mars Bancorp, Inc. to enhance its presence in Western Pennsylvania. The combined entity will offer expanded financial services and a focus on community commitment.
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Rhea-AI Summary
NexTier, Inc. and Mars Bancorp, Inc. have received all regulatory approvals necessary to complete their proposed merger. The legal closing for the Merger is scheduled for February 16th, with system conversions planned for February 17th – 19th. Following completion, Mars shareholders will receive $20 per share as merger consideration.
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NexTier to acquire Mars Bank, creating Western Pennsylvania's premier community bank with assets over $2.6 billion.
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FAQ
What is the market cap of Mars Bancorp (MNBP)?
The market cap of Mars Bancorp (MNBP) is approximately 31.9M.
What is the total assets of Mars Bancorp, Inc. after the merger?
Mars Bancorp, Inc. will have assets exceeding $2.6 billion after the merger with NexTier, Inc.
Who will lead the combined institution post-merger?
Clem Rosenberger, President and CEO of NexTier, will lead the merged entity.
What regions will the combined bank operate in?
The merged entity will operate in Western Pennsylvania, including Mercer County.
What are the core strengths of Mars Bank pre-merger?
Mars Bank excels in retail, mortgage, and commercial lending along with digital acquisition.
When is the expected completion date of the merger?
The merger is anticipated to close in the first quarter of 2024.
What is the value of the cash consideration for Mars shareholders?
Shareholders of Mars will receive $20.00 for each share of Mars common stock owned.
Who served as financial advisors in the merger?
Janney Montgomery Scott, LLC advised NexTier, and D.A. Davidson & Co. advised Mars.
How many branches does NexTier Bank have after the merger?
NexTier Bank will operate 27 branches post-merger.
What key benefits does the merger bring to customers?
The merger ensures continued access to products, services, and technology, maintaining relationship-driven service.
What is the impact on Mars Bank branch locations?
All Mars Bank branches will transition into NexTier Bank locations following the merger.
Mars Bancorp, Inc.