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Standard Bank Merges with Allegheny Valley Bank

April 25th, 2017 by WCBC Radio

Standard Financial Corp, the parent holding company for Standard Bank and Allegheny Valley Bancorp, the parent holding company for Allegheny Valley Bank of Pittsburgh , jointly announced this month the completion of the previously announced partnership of their financial institutions.  Effective close of business on April 7, 2017, Allegheny Valley Bancorp merged into Standard Financial and Allegheny Valley Bank will merge into Standard Bank. "We are very pleased that our merger of equals is now official.  We are committed to making the operational conversion of the two banks seamless and hassle-free for our customers and employees," explains Timothy K. Zimmerman, who will lead the resulting company as Chief Executive Officer. "We believe the combined bank, with a laser-focus on our customers and the communities we serve, will make a noticeable and positive contribution to the region.".  The closing will result in a community banking franchise with total assets of nearly $1.0 billion and 18 branches located throughout Southwestern Pennsylvania and Western Maryland.  The united company will operate under the Standard Bank name while incorporating the Allegheny Valley Bank logo to provide both banks' customers with a sense of familiarity.  The holding company will be re-branded as Standard AVB Financial Corp.  The combined bank will be headquartered in Monroeville and its primary commercial banking hub will be located in Lawrenceville.  Six members of the previous Allegheny Valley Bancorp board of directors will join the boards of Standard AVB Financial Corp. and Standard Bank, creating a board consisting of 13 members.

 

 

 

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