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Merger of IBT Bancorp, S&T Bancorp set to close in June
By Lisa Kerner
Charlotte, N.C., May 13 - IBT Bancorp, Inc. shareholders approved the company's acquisition by S&T Bancorp, Inc. at a special meeting on Tuesday.
With all necessary regulatory approvals in place, S&T Bancorp said it expects the merger to be effective in early June.
As previously announced, S&T Bancorp agreed in December to acquire IBT Bancorp in a stock and cash deal valued at $171 million as a way to expand its existing footprint in Pennsylvania's Westmoreland and Allegheny counties.
Under the agreement, IBT Bancorp shareholders will receive $31 per share in cash, or between 0.93 and 0.97 of a share of S&T Bancorp common stock, subject to proration.
Irwin Bank will merge with and into S&T Bank, with S&T Bank as the surviving bank, a prior news release said.
S&T Bancorp is the holding company for S&T Bank. The company is based in Indiana, Pa.
Irwin, Pa.-based IBT is the holding company for Irwin Bank.
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