PRESS RELEASE
Contacts:
Timothy K. Zimmerman
412-856-0353
David C. Mathews
814-842-3294
TO BE RELEASED:
August 29, 2005
HOBLITZELL NATIONAL BANK TO MERGE WITH STANDARD BANK, PaSB
Hyndman, Pennsylvania and Pittsburgh, Pennsylvania. August 29, 2005.
Standard Bank, PaSB, Monroeville , PA, (“Standard”) and Hoblitzell National Bank of Hyndman, Hyndman, PA, (“HNB”) announced jointly today that they have entered into a definitive agreement under which HNB will merge into Standard.
HNB stockholders will receive $52.25 in cash for each share of HNB common stock, resulting in an aggregate cash payment of approximately $16.5 million. Each of the Boards of Directors has approved the transaction and due diligence has been completed. The transaction is expected to be completed in the first quarter of 2006, and is subject to approval by the HNB shareholders and applicable banking regulatory authorities.
David C. Mathews, President of HNB, stated, “We are very excited about becoming a part of Standard. Standard is a true community bank that emphasizes the same level of personalized service that we do. We believe this transaction allows our stockholders to receive a favorable return on their stock. With our affiliation with Standard, our customers will have access to a wider variety of banking and financial products and services.”
Timothy K. Zimmerman, President and Chief Executive Officer of Standard, stated, “We are very pleased to announce the acquisition of HNB. Its branch network will expand our retail network into the growing areas of Bedford County, Pennsylvania and Allegany County, Maryland. We intend to continue Standard’s focus on community banking through excellent customer service. We believe the expansion of products and services available to HNB’s customers will enhance their banking relationships.”
Established in 1913, Standard is a Pennsylvania chartered savings bank with assets of $265 million. Standard currently operates seven offices serving individuals and small to mid size businesses in Allegheny and Westmoreland Counties with its executive office in Monroeville, Pennsylvania. Standard is a wholly owned subsidiary of Standard Mutual Holding Company, which has not issued any stock and, accordingly, has no common stock traded on any exchange. Standard is represented by Ryan Beck & Co. as its investment advisor in the transaction and Luse Gorman Pomerenk & Schick, P.C. as its legal counsel.
HNB has assets of $71.2 million, deposits of $54.6 million and stockholders’ equity of $7.3 million. Founded in 1903, HNB operates four offices in Bedford County in Pennsylvania and Allegany County in Maryland. HNB is represented by Boenning & Scattergood, Inc. as its investment advisor and Malizia Spidi & Fisch, PC as its legal counsel.
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This news release contains certain forward-looking statements about the proposed merger of Standard and HNB. Forward-looking statements can be identified by the fact that they may include words like “believe”, “expect”, “anticipate”, “estimate”, and “intend” or future or conditional verbs such as “will”, “would”, “should”, “could”, or “may”. These
forward-looking statements are based upon the current beliefs and expectations of Standard and HNB’s management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond their control. Certain factors that could cause actual results to differ materially from expected include delays in completing the merger, difficulties in achieving cost savings from the merger or in achieving such cost savings within the expected time frame, difficulties in integrating Standard and HNB, competitive pressures, changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which Standard and HNB are engaged, changes in the securities markets, and other factors. Actual results may differ materially from the anticipated results discussed in these forward-looking statements. Standard and HNB do not undertake, and specifically disclaim, any obligation to publicly release the results of any revisions that may be made to any forward looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
