Merger of Equals with Standard Bank
As the years go by, things may change, people look different as they age, your surroundings may be altered and updated, but one thing remains the same – you always know who your true friends are, you always know who you can count on, and you always keep that special trust with special people.
As you may have heard, Allegheny Valley Bank has agreed to enter into a “merger of equals” with Standard Bank, based in Monroeville. This is an exciting time to for AVB and just as with those old friends whose appearance may have changed a bit over the years, we anticipate positive changes in the coming years while always remaining the community bank you’ve trusted all along.
This is a very good opportunity for our bank, our customers, and our employees. Think of it for a moment…
- A community bank with roughly double the size and scope of AVB, bringing a greater presence over an expanded geographic area.
- An opportunity to use this stronger presence to expand our products and services to our customers.
- And a fresh opening to grow and thrive as a true community bank, even in this era of very tough mega bank competition.
A merger of equals involves the mutual decision of two companies to combine and become one entity. In our case, it can be seen as a decision made by two “equals” that are similarly situated. Both Standard Bank and AVB have nine branches, good earnings, strong asset quality and very strong capital.
A rash of bank mergers and acquisitions over the years has resulted in AVB remaining as one of the smallest independent stock owned banks in the greater Pittsburgh metropolitan market. As the competitive, economic, and regulatory pressures facing banks and, in particular, community banks continue to rise, achieving size and scale have become increasingly important. In order to more effectively compete and absorb the higher costs associated with delivering our products and services, we believed that merging with a company that shares our operating philosophy would enhance our ability to better serve our customers and communities without significant employee reductions and other cost cuts associated with a traditional sale.
To Our Valued Customers: you can count on every AVB team member to bring our trademark spirit, the energy and enthusiasm that you have come to expect, to the job every day. We expect minimal customer impact.
We feel good about the future of our new enterprise, as we complete this merger of equals with Standard Bank, and know that the benefits to you will be rewarding. Some things may be changing, but the important things – like how we serve our community-based customers – will be just as strong as ever. Maybe even more so. Thanks for your business, and look for more information as this process moves along.
President & CEO
Allegheny Valley Bank