IBT Bancorp sets meeting date for merger vote

By Lisa Kerner

Charlotte, N.C., Feb. 28 - IBT Bancorp, Inc. shareholders will vote on the company's proposed acquisition by S&T Bancorp, Inc. at a special meeting on May 13 at 2 p.m. ET.

The record date for the meeting is Feb. 21, according to a form 8-K filing with the Securities and Exchange Commission.

In December, S&T agreed to acquire IBT in a stock and cash deal valued at $171 million as a way to expand its existing footprint in Pennsylvania's Westmoreland and Allegheny counties.

The merger agreement calls for IBT shareholders to receive $31 per share in cash or between 0.93 and 0.97 of a share of S&T common stock, subject to proration.

Irwin Bank will merge with and into S&T Bank, with S&T Bank as the surviving bank, it was previously reported.

S&T Bancorp is the holding company for S&T Bank. The company is based in Indiana, Pa.

Irwin, Pa.-based IBT is the holding company for Irwin Bank.

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