NexTier Inc. in Butler, Pa., announced Wednesday that a private-equity firm, Snyder Group, has agreed to buy a 51% stake in the struggling company.
The $560 million-asset company said the investment would provide enough capital to exceed the amount required by the bank's regulators.
NextTier announced in November that it was seeking capital, after it terminated its merger agreement with Northwest Bancshares Inc. when regulators indicated they would not approve the deal.
The deal with Snyder Group "is good news for NexTier Bank, and our customers and shareholders," the bank's president, Margaret Irvine Weir, said in a press release. "NexTier Bank will continue to serve our customers and the communities. Our employees and our management team will stay in place."
Snyder Group is based in Kittaning, Pa.
The companies did not disclose the price of the deal.
