On May 28, 2021, Dollar Mutual Bancorp, Pittsburgh, Pennsylvania, the mutual holding company for Dollar Bank, Federal Savings Bank, completed its acquisition of Standard AVB Financial Corp., Monroeville, Pennsylvania, the holding company for Standard Bank, PaSB.

Each share of Standard common stock was converted into the right to receive $33.00 in cash. As part of the transaction, Standard Bank, PaSB, converted from a Pennsylvania-chartered savings bank to a federal savings bank under the name Standard Bank. Standard Bank will operate as a wholly-owned banking subsidiary of Dollar Mutual Bancorp.

Through its two bank subsidiaries, Dollar now has 98 locations in Pennsylvania, Ohio, Virginia and Maryland and approximately $11.2 billion in assets.

Luse Gorman served as legal counsel to Dollar in the transaction. The Luse Gorman team consisted of Lawrence Spaccasi, Michael Brown, Max Seltzer, Joseph Daly and Zachary Davis.

Luse Gorman has acted as counsel on more than 100 bank M&A transactions during the past five years and more bank M&A transactions than any other law firm in the nation over the past 20 years. To learn more about our mergers and acquisitions practice, please visit our website.