NexTier Receives Final Approval For Mars Bank Acquisition –

NexTier Financial institution has been given remaining approval to amass one other locally-based financial institution.

In line with a press launch Tuesday afternoon, NexTier acquired regulatory approval to amass Mars Financial institution from the Board of Governors of the Federal Reserve System, the Workplace of the Comptroller of the Forex, and the Pennsylvania Division of Banking and Securities.

Mars Financial institution will merge six retail places of work in Butler, Allegheny, and Mercer Counties together with reported complete belongings of almost $530 million to function below the NexTier model which has $2.24 billion complete belongings.

In line with NexTier President and Chief Government Officer, “We’re happy to have acquired all regulatory approvals, and this permits us to finish the merger course of on-time as beforehand disclosed to Mars Financial institution prospects.”

The authorized closing of the merger is scheduled for February sixteenth with system conversions over the three days after that. All present Mars Financial institution branches will open on February twentieth as NexTier Financial institution areas.

Mars shareholders will obtain directions for exchanging their widespread inventory certificates with a purpose to obtain the merger consideration of $20 per share. This merger was initially introduced in August of final 12 months.


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