Dollar Mutual Bancorp and Standard AVB Financial Corp. Announce Completion of Merger

Rhea-AI Summary

Dollar Mutual Bancorp and Standard AVB Financial Corp. announced the successful completion of their merger as of May 28, 2021. Standard now operates as a wholly-owned subsidiary of Dollar. Jim McQuade remains as CEO while Andrew Hasley continues as President. The merger enhances regional presence and allows for improved product offerings while maintaining a commitment to community banking. Dollar Mutual Bancorp has total assets of $11.5 billion and operates 98 locations across several states, emphasizing its dedication to quality banking services.

Positive

• The merger enhances regional footprint and aligns with community-focused banking.
• Dollar Mutual Bancorp has total assets of $11.5 billion, indicating financial stability.
• Standard Bank's customers can expect improved services and enhanced product offerings.

Negative

• None.

PITTSBURGH and MONROEVILLE, Pa., June 1, 2021 /PRNewswire/ -- Dollar Mutual Bancorp ("Dollar") and Standard AVB Financial Corp. ("Standard") (NASDAQ: STND) jointly announced the completion of the previously announced merger of the financial institutions.

Dollar Mutual Bancorp and Standard AVB Financial Corp. Announce Completion of Merger

Effective close of business on May 28, 2021, Standard became a wholly-owned subsidiary under the Dollar Mutual Bancorp, with Jim McQuade as the CEO, Andrew Hasley continuing as President, and with all current management and associates remaining in place.

"We are ecstatic to announce the completion of this merger and welcome Standard Bank into the Dollar family," said Jim McQuade, President and CEO of Dollar. "This merger allows us to expand our footprint in the region and align with bankers who share our commitment to the customers and communities we serve."

"We are excited to join the Dollar Bank Family. Standard Bank is now poised to deliver enhanced products and services to our customers, all while continuing to remain dedicated to our hallmark community banking philosophy and philanthropy," said Andrew W. Hasley, Standard Bank President. 

Mr. McQuade added, "Dollar Bank believes in mutuality and not having shareholders allows us to focus solely on our customers and the communities we serve. We want to make sure that mutual banks remain an option in our local neighborhoods to provide resources for our small businesses, foster long-term customer relationships, and develop our communities."

About Dollar Mutual Bancorp

Headquartered in Pittsburgh, Pennsylvania, Dollar Mutual Bancorp, with total assets of $11.5 billion, is the mutual holding company of Dollar Bank, Federal Savings Bank. Today, Dollar Mutual Bancorp operates 98 locations throughout Pennsylvania, Ohio, Virginia, and Maryland and has 1,553 employees. Operating for over 166 years, Dollar Bank has grown to become the largest community bank in the country, committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank (Dollar.Bank) is headquartered in Pittsburgh, Pennsylvania.

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SOURCE Dollar Mutual Bancorp

FAQ

What is the impact of the STND and Dollar Mutual Bancorp merger?

The merger expands Dollar Mutual Bancorp's regional footprint and allows for enhanced product offerings.

What are the details of the merger between STND and Dollar Mutual Bancorp?

The merger was completed on May 28, 2021, with Standard becoming a wholly-owned subsidiary of Dollar.

Who will lead Standard Bank after the merger with STND?

Jim McQuade continues as CEO of Dollar Mutual Bancorp, with Andrew Hasley as President of Standard Bank.

What are the future prospects for STND after the merger?

The merger positions STND for improved services and growth in community banking.