S&P: S&T unchanged

Standard & Poor's said its rating on S&T Bank (BBB+/stable/A-2) will not be affected by S&T's planned acquisition of IBT Bancorp.

According to S&P, S&T will acquire IBT for $171 million in a 55% stock, 45% cash deal that it expects to close in second-quarter 2009.

S&P said it expects asset quality, capital and leverage levels of the combined bank to remain in line with the rating, noting that the acquisition, which will strengthen S&T's footprint in Westmoreland County, Pa., will increase S&T's loan portfolio by $481 million.

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