On August 29, 2016, Standard Financial Corp. (“Standard Financial”), Monroeville, Pennsylvania, and Allegheny Valley Bancorp (“Allegheny Valley”), Pittsburgh, Pennsylvania, entered into a definitive merger agreement pursuant to which Allegheny Valley will merge with and into Standard Financial in an all stock transaction, with Standard Financial as the resulting company, which will be renamed Standard AVB Financial Corp. The total merger consideration is approximately $56.5 million and Allegheny Valley shareholders will receive 2.083 shares of Standard Financial common stock for each share of Allegheny Valley common stock. As part of the merger, Allegheny Valley Bank of Pittsburgh (“Allegheny Valley Bank”), the subsidiary of Allegheny Valley, will merge with and into Standard Bank, PaSB (“Standard Bank”), the subsidiary of Standard Financial.
Timothy Zimmerman, Standard Financial Corp.’s current President and Chief Executive Officer, will become the Chief Executive Officer of Standard AVB Financial Corp. and Standard Bank, and Andrew Hasley, the current President and Chief Executive Officer of Allegheny Valley and Allegheny Valley Bank, will become the President. Six existing directors of Allegheny Valley will join the boards of Standard AVB Financial Corp. and Standard Bank, both of which will have 13 board members as a result of these additions.
Luse Gorman served as legal counsel to Standard Financial in the transaction. The Luse Gorman team was led by Marc P. Levy (Corporate/M&A) and Kent M. Krudys (Corporate/M&A) and included Max Seltzer (Executive Compensation) and Megan McKinney (Corporate/M&A).
Standard Financial has approximately $485 million in total assets and operates nine offices serving individuals and small to mid-sized businesses in Allegheny, Westmoreland and Bedford Counties, Pennsylvania and Allegany County, Maryland.
Allegheny Valley has approximately $435 million in total assets and operates nine offices serving individuals and small to mid-sized businesses in Allegheny County, Pennsylvania.