NexTier Bank to acquire Mars Bank
NexTier Bank and Mars Bank announced NexTier, the holding firm of NexTier Bank, will purchase Mars Bancorp, the holding firm of Mars Bank.
The companies announced the transaction Thursday, Aug. 31. It will result in Mars Bank merging with and into NexTier Bank. The combined company and branch locations will operate under the NexTier Bank brand.
This proposed transaction will result in NexTier Bank having total assets in excess of $2.6 billion. The deal is expected to close in the first quarter of 2024.
Clem Rosenberger, NexTier’s president and chief executive officer, will lead the combined institution, and Jim Dionise, president and chief executive officer at Mars Bancorp, will join the NexTier Bank board of directors upon the completion of the merger.
“We believe the merger with Mars Bank provides NexTier the opportunity to provide additional banking services to Western Pennsylvania’s businesses, retail customers, nonprofit organizations, school districts and local government entities,” Rosenberger said.
Under the terms of the merger agreement, shareholders of Mars Bank will receive $20 for each share of Mars common stock owned.
The agreement was unanimously approved by the boards of directors of both NexTier and Mars banks.
“This merger ensures our customers will continue to receive access to the products, services, and technology they need, while maintaining the relationship-driven, hands-on service they’ve come to expect,” Dionise said.