NexTier Financial institution, which serves Western Pennsylvania, is buying Mars Financial institution, primarily based in Mars, Pa., simply north of Pittsburgh.
The brand new, mixed group financial institution can have whole belongings in extra of $2.6 billion after the deal closes.
Subsequent Tier financial institution has 27 branches and $2.1 billion in belongings, with a powerful industrial enterprise, treasury administration and relationship constructing focus.
Mars Financial institution holds $521 million in belongings and brings sturdy functionality in retail, mortgage, and industrial lending together with digital acquisition.
The entire Mars department areas and workplaces will function underneath the NexTier Financial institution model. The group can be led by NexTier’s President and CEO Clem Rosenberger, whereas Jim Dionise, the president and CEO of Mars Financial institution, will be a part of the NexTier Financial institution board of administrators upon the consummation of the merger.
“We consider the merger with Mars Financial institution offers NexTier the chance to supply extra banking companies to Western Pennsylvania’s companies, retail clients, non-profit organizations, college districts and native authorities entities. We’re particularly excited to broaden our companies into Mercer County. We are going to proceed to supply the extent of relationship-focused service and group involvement that each organizations have traditionally succeeded in,” Rosenberger mentioned. “We sit up for our partnership with Mars Financial institution as we mix our two organizations.”
Mars Financial institution shareholders will obtain money consideration of $20 for every share of Mars widespread inventory owned as soon as the deal is finalized.
“This merger ensures our clients will proceed to obtain entry to the merchandise, companies, and know-how they want, whereas sustaining the relationship-driven, hands-on service they’ve come to anticipate,” Dionise mentioned.
The settlement was unanimously accredited by the boards of administrators of NexTier and Mars. The transaction is anticipated to shut within the first quarter of 2024, following regulatory and shareholder approvals and the satisfaction of different customary closing situations.
Janney Montgomery Scott served as monetary advisor and Alston & Chicken served as authorized counsel to NexTier. D.A. Davidson & Co. served as monetary advisor and Silver, Freedman, Taff & Tiernan LLP served as authorized counsel to Mars.
