PITTSBURGH and MONROEVILLE, Pa., May
6, 2021 /PRNewswire/ -- Dollar Mutual Bancorp ("Dollar") and
Standard AVB Financial Corp. (Nasdaq: STND) ("Standard") jointly
announced that the parties have received all the regulatory
approvals necessary to complete the merger of Standard into Dollar.
The Standard stockholders approved the merger at a special
meeting of stockholders held on January 19,
2021. The parties expect that their proposed merger
transaction will be completed after market hours on May 28, 2021. Dollar is the mutual holding
company for Dollar Bank, Federal Savings Bank. Standard is
the stock holding company of Standard Bank, PaSB, a Pennsylvania chartered savings bank. In
connection with the merger of Standard into Dollar, Standard Bank
will convert to a federal savings bank. Dollar Bank and
Standard Bank will continue to operate as separate financial
institutions with Dollar as the holding company for each
institution.
Dollar Mutual Bancorp and Standard AVB Financial Corp. Announce
Receipt of Regulatory Approval and Expected Closing Date
About Dollar Mutual Bancorp
Headquartered in Pittsburgh,
Pennsylvania, Dollar Mutual Bancorp, with total assets of
$10.3 billion dollars at March 31, 2021, is the mutual holding company of
Dollar Bank, Federal Savings Bank. Today, Dollar Bank operates 81
locations throughout Pennsylvania,
Ohio and Virginia and has over 1,400
employees. For more than 166 years, Dollar Bank has grown
to become a large, full service, community bank committed to
providing the highest quality of banking services to individuals
and businesses. Dollar Bank (Dollar.Bank) is headquartered in
Pittsburgh, Pennsylvania.
About Standard AVB Financial Corp.
Standard AVB Financial Corp., with total assets of $1.1 billion at March 31,
2021, is the parent company of Standard Bank, PaSB which
operates 17 offices serving individuals and small to mid-sized
businesses in Allegheny,
Westmoreland and Bedford Counties, in Pennsylvania and Allegany County in Maryland. Standard Bank, founded in 1913, is a
member of the FDIC and an Equal Housing Lender.
Forward Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act.
Forward-looking statements include statements regarding the
anticipated closing date of the transaction and anticipated future
results. Forward-looking statements can be identified by the fact
that they do not relate strictly to historical or current facts.
They often include words like "believe", "expect", "anticipate",
"estimate", and "intend" or future or conditional verbs such as
"will", "would", "should", "could" or "may". Certain factors that
could cause actual results to differ materially from expected
results include the ability to meet closing conditions to the
merger on the expected terms and schedule, delays in completing the
merger, difficulties in achieving cost savings from the merger or
in achieving such cost savings within the expected time frame,
difficulties in integrating Standard, increased competitive
pressures, changes in the interest rate environment, changes in
general economic conditions, legislative and regulatory changes
that adversely affect the business in which Standard and Dollar are
engaged, changes in the securities markets and other risks and
uncertainties. In addition, the COVID-19 pandemic is having an
adverse impact on Standard and other financial institutions, their
customers and the communities they serve. Given its ongoing and
dynamic nature, it is difficult to predict the full impact of the
COVID-19 outbreak on the business of Standard, Dollar and other
financial institutions. The extent of such impact will depend on
future developments, which are highly uncertain, including when the
coronavirus can be controlled and abated and when and how the
economy may be reopened or remain reopened.
Further information about these and other relevant factors,
risks and uncertainties may be found in Standard's Annual Report on
Form 10-K for the fiscal year ended December
31, 2020 and in subsequent filings with the Securities and
Exchange Commission. Standard does not undertake, and specifically
disclaims any obligation, to publicly release the result of any
revisions which may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. You are cautioned
not to place undue reliance on these forward-looking
statements.
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SOURCE Dollar Mutual Bancorp