To our valued customers,
This past year has been full of challenges and changes but has shown our collective resiliency and flexibility as a community. At Standard Bank, 2020 has pushed us to embrace new opportunities and processes to better serve our customers, communities, and associates.
Therefore, I am pleased to announce that our holding company Standard AVB Financial Corp., has entered into an agreement to be acquired by Dollar Mutual Bancorp. The transaction has been approved by the boards of directors of both institutions and remains subject to regulatory and shareholder approval. We expect the transaction to close in the first half of 2021, and we will be able to provide more detailed information at that time.
Standard Bank will initially operate as a wholly owned subsidiary of Dollar Mutual Bancorp and retain its name and operations structure. For you, that means that there will be no changes to your account numbers, checks, debit card, or online banking information. You may continue to bank as you normally do with the same office hours and friendly faces that greet you each day.
Standard Bank has maintained a long-standing commitment to our communities with sound banking practices and a personalized approach to customer service. As a community bank, our focus has always been on the relationships with our customers and being a resource in our communities. I know by joining the Dollar family, these core values will not change.
Both institutions share the same commitment to our customers, core values, and dedication to the communities we serve. Founded in 1855, Dollar’s vision as a bank for all communities is matched by their dedication to their customers, just as it has been for the past 107 years at Standard Bank. In addition to shared values and commitments, you can be rest-assured knowing Dollar is also the largest mutual institution in the country and consistently rated as well-capitalized by government regulators, representing the highest category of financial soundness.
We are grateful to you for not only giving us the opportunity to serve your banking needs, but for your friendship and loyalty, which has enriched our relationship throughout the years. As we move forward together, I am confident that becoming part of the Dollar family will serve all of us well for generations to come.
President & CEO, Standard Bank