Dollar Bank to acquire Standard Bank in $ 158M deal

Downtown- based Dollar Mutual Bancorp announced it will acquire the Monroeville- based parent company of Standard Bank, bringing together two regional names in a transaction valued at $ 158 million.

Stockholders of Standard AVB Financial Corp. will get $ 33 in cash for each of their shares.

After the deal closes — the banks expect that to be sometime during the first half of next year — Standard will be a wholly- owned subsidiary of Dollar, and Standard’s president, Andrew Hasley, will remain in that role.

Standard’s 17 offices in Allegheny, Westmoreland and Bedford counties in Pennsylvania, and Allegany County in Maryland, will be added to Dollar’s 76 branches in Western Pennsylvania, Ohio and Virginia.