NexTier Bank has been given final approval to acquire another locally-based bank.
According to a press release Tuesday afternoon, NexTier received regulatory approval to acquire Mars Bank from the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Pennsylvania Department of Banking and Securities.
Mars Bank will merge six retail offices in Butler, Allegheny, and Mercer Counties along with reported total assets of nearly $530 million to operate under the NexTier brand which has $2.24 billion total assets.
According to NexTier President and Chief Executive Officer, “We are pleased to have received all regulatory approvals, and this allows us to complete the merger process on-time as previously disclosed to Mars Bank customers.”
The legal closing of the merger is scheduled for February 16th with system conversions over the three days after that. All existing Mars Bank branches will open on February 20th as NexTier Bank locations.
Mars shareholders will receive instructions for exchanging their common stock certificates in order to receive the merger consideration of $20 per share. This merger was originally announced in August of last year.
