Merger of IBT Bancorp, S&T Bancorp set to close in June

By Lisa Kerner

Charlotte, N.C., May 13 - IBT Bancorp, Inc. shareholders approved the company's acquisition by S&T Bancorp, Inc. at a special meeting on Tuesday.

With all necessary regulatory approvals in place, S&T Bancorp said it expects the merger to be effective in early June.

As previously announced, S&T Bancorp agreed in December to acquire IBT Bancorp 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.

Under the agreement, IBT Bancorp shareholders will receive $31 per share in cash, or between 0.93 and 0.97 of a share of S&T Bancorp common stock, subject to proration.

Irwin Bank will merge with and into S&T Bank, with S&T Bank as the surviving bank, a prior news release said.

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.