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Safe. Small. Privately Held. Those were the descriptions of the five M&A deals that occurred in the span of a few days. A lot has to change before many prospective buyers and sellers take the plunge.
September 9
S&T Bancorp in Indiana, Pa., announced late Wednesday that it is buying Mainline Bancorp Inc. in Ebensburg, Pa., for roughly $21.5 million in cash and stock.
S&T has $4.1 billion of assets and operates 50 branches central and western Pennsylvania. In acquiring the 67-year-old Mainline, S&T would gain $242 million of assets and eight branches in two additional counties.
The in-market deal, expected to close in early 2012, is the sixth merger between Pennsylvania banks announced so far this year. Only California has seen more deal activity, according to data from SNL Financial.
In a news release, S&T said that Mainline shareholders would have the option of receiving $69 per share in cash or between 3.6 and 4.3 shares of S&T stock for each share owned, depending on S&T's average closing price in the 10 days before the sale is completed.
S&T's shares closed at $17.16 Wednesday.
