STANDARD AVB FINANCIAL CORP. Standard Financial Corp. and Allegheny Valley Bancorp jointly announced the signing of a definitive merger agreement to form a partnership of their financial institutions that will result in a combined community banking franchise with total assets of nearly $1.0 billion and 18 branches located throughout Southwestern Pennsylvania and Western Maryland. The resulting holding company and bank will be led by Timothy K. Zimmerman, President and Chief Executive Officer of Standard Bank, as Chief Executive Officer, and Andrew W. Hasley, President and Chief Executive Officer of Allegheny Valley Bank, as President.
Six existing members of the Allegheny Valley Bancorp board of directors will join the boards of Standard Financial and Standard Bank, creating a board consisting of 13 members.
