With prior authorization from Allegheny Valley Bancorp Inc.'s board, Allegheny President and CEO Andrew Hasley met with Standard Financial Corp. President and CEO Timothy Zimmerman on Jan. 22 to discuss the challenges and opportunities facing each company in the current banking environment including recent local bank mergers.
They agreed to discuss with their respective boards a potential combination, according to a Form S-4 filed Dec. 13.
Not long after, on April 8, Standard sent an initial term sheet to Allegheny. On May 22, Standard sent to Allegheny an updated and revised term sheet, which was returned by Allegheny to Standard with comments the following day.
Discussions and due diligence, among others, ensued. The two Pennsylvania-based companies ultimately struck a merger of equals, which, based on Standard's Aug. 29 closing price, has an aggregate transaction value of roughly $56.5 million, or $53.85 per share.