NexTier in Butler, Pa., has agreed to buy Mars Bancorp in Mars, Pa.
The $2.1 billion-asset NexTier said in a press release that it expects to complete its purchase of the $521 million-asset Mars in the first quarter. NexTier said it will pay $32 million in cash based on Mars’ shares outstanding.
Jim Dionise, Mars’ president and CEO, will join the board of NexTier Bank.
“We believe the merger … provides NexTier the opportunity to provide additional banking services to western Pennsylvania’s businesses, retail customers, non-profit organizations, school districts and local government entities,” Clem Rosenberger, NiexTier’s president and CEO, said in the release.
“We are especially excited to expand our services into Mercer County,” he added. “We will continue to provide the level of relationship-focused service and community involvement that both organizations have historically succeeded in.”
Janney Montgomery Scott and Alston & Bird advised NexTier. D.A. Davidson and Silver, Freedman, Taff & Tiernan advised Mars.