Two local banks have agreed to merge.
Butler-based NexTier Inc. plans to acquire Mars Bancorp Inc., according to a joint announcement by the two companies.
The Mars-based bank will operate under NexTier’s brand.
“We believe the merger with Mars Bank provides NexTier the opportunity to provide additional banking services to Western Pennsylvania’s businesses, retail customers, nonprofit organizations, school districts and local government entities. We are especially excited to expand our services into Mercer County,” said Clem Rosenberger, NexTier’s president and CEO, who will lead the combined institution.
NexTier, with $2.1 billion in assets as of June 30, has 27 branches in Butler, Armstrong, Allegheny, Westmoreland, Clearfield and Cumberland counties, along with loan production offices in Cleveland and Columbus, Ohio, and Buffalo and Rochester, N.Y.
“This merger ensures our customers will continue to receive access to the products, services, and technology they need, while maintaining the relationship-driven, hands-on service they’ve come to expect,” said Jim Dionise, Mars’ president and CEO, who will join the NexTier Bank board of directors.
Mars Bank is a subsidiary of Mars Bancorp Inc. and has six retail offices in Allegheny, Butler and Mercer counties and loan production offices in Chicora and Beckley, W.Va. It held $520.8 million in assets as of June 30.
Under terms of the deal, Mars shareholders will receive cash consideration of $20 per share of common stock owned.
The agreement was unanimously approved by the boards of directors of both institutions, the companies said. The deal is expected to close in the first quarter of 2024, pending regulatory approvals and the approval of Mars’ shareholders.
