NexTier, Inc. and Mars Bancorp, Inc. Complete Merger

Rhea-AI Summary

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.

BUTLER, Pa., Feb. 20, 2024 /PRNewswire/ -- NexTier, Inc. ("NexTier"), the holding company of NexTier Bank, N.A. ("NexTier Bank") has completed its merger, effective February 16, 2024, with Mars Bancorp, Inc. ("Mars") (OTCQX: MNBP), including its wholly-owned subsidiary, Mars Bank.

With over $2.7 billion in assets, NexTier Bank offers Western Pennsylvania businesses and consumers a comprehensive line of products and services, 31 convenient locations, and a focus on exceptional customer service. The combined organization will be Western Pennsylvania's premier, locally owned and managed community bank and will continue the commitment to community that both organizations have made a priority for well over a century.

The merger of Mars into NexTier enhances NexTier's geographic footprint. "Joining together with Mars Bank provides us the opportunity to expand into Mercer County", stated Clem Rosenberger, President & CEO of NexTier. "Mars Bank customers will have access to enhanced deposit and lending products, digital banking solutions, and Treasury Management services. We look forward to meeting the financial needs of Mars Bank customers and will continue the legacy customer service and community partnerships they've come to know and trust."

NexTier also welcomes Jim Dionise, President & CEO of Mars, to NexTier Bank's Board of Directors. "Jim has been a well-respected, financial industry expert within Western Pennsylvania for many years and we look forward to having his experience and knowledge within our board room."

About NexTier Bank, N.A.

NexTier Bank, N.A. is a subsidiary of NexTier, Inc. and has 31 community offices throughout Butler, Armstrong, Allegheny, Mercer, Westmoreland, Clearfield and Cumberland counties in Pennsylvania, along with loan production offices in Cleveland, Ohio and Buffalo and Rochester, New York. As of February 16, 2024, NexTier Bank reported total assets of $2.74 billion, total loans of $2.12 billion and total deposits of $2.35 billion. www.nextierbank.com.

Special Note Concerning Forward-Looking Statements

This communication contains "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue" and "potential" or the negative of these terms or other comparable terminology, including statements related to the expected returns and other benefits of the merger between NexTier and Mars (the "Merger"). Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. Such forward-looking statements are not guarantees of future performance.

Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. With respect to the Merger, factors that could cause or contribute to such differences include, but are not limited to (1) the risk that the cost savings and any revenue synergies from the Merger may not be realized or take longer than anticipated to be realized, (2) disruption from the Merger with customers, suppliers, employee or other business partners relationships, (3) the risk of successful integration of Mars into NexTier, (4) reputational risk and the reaction of each of the companies' customers, suppliers, employees or other business partners to the Merger, (5) the risk that the integration of the operations of Mars into the operations of NexTier will be materially delayed or will be more costly or difficult than expected, and (6) general competitive, economic, political and market conditions. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

Neither NexTier nor Mars undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nextier-inc-and-mars-bancorp-inc-complete-merger-302066308.html

SOURCE NexTier Bank

FAQ

What is the name of the holding company that completed the merger with Mars Bancorp, Inc.?

NexTier, Inc.

What is the ticker symbol for Mars Bancorp, Inc.?

MNBP

What is the total assets value of NexTier Bank after the merger?

Over $2.7 billion

Who will be joining NexTier Bank's Board of Directors from Mars?

Jim Dionise, President & CEO of Mars

What new opportunities will Mars Bank customers have after the merger?

Access to enhanced deposit and lending products, digital banking solutions, and Treasury Management services