On September 24, 2020, Dollar Mutual Bancorp, Pittsburgh, Pennsylvania, the mutual holding company for Dollar Bank, Federal Savings Bank, and Standard AVB Financial Corp., Monroeville, Pennsylvania, the holding company for Standard Bank, PaSB, entered into a definitive merger agreement, pursuant to which Dollar Mutual Bancorp will acquire Standard AVB Financial Corp., with Dollar Mutual Bancorp as the surviving company. Standard AVB Financial Corp. shareholders will receive $33.00 in cash per share of Standard AVB Financial Corp. common stock. The total merger consideration is valued at approximately $158.0 million. Upon the completion of the transaction, Standard Bank, PaSB, will operate as a wholly owned subsidiary of Dollar Mutual Bancorp.

Luse Gorman is serving as legal counsel to Dollar Mutual Bancorp in the transaction. The Luse Gorman team consists of Lawrence Spaccasi, Michael Brown, Max Seltzer, Joseph Daly and Zachary Davis.

Dollar Mutual Bancorp has $9.8 billion in total assets and operates 76 branch locations in western Pennsylvania, northeast Ohio and Hampton Roads, Virginia.

Standard AVB Financial Corp. has $1.1 billion in total assets and operates 17 offices in Allegheny, Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.