IBT Bancorp shareholders select consideration; merger with S&T Bancorp could close in June

By Lisa Kerner

Charlotte, N.C., May 21 - IBT Bancorp, Inc. shareholders elected to receive stock, cash or a combination of stock and cash in the company's proposed merger with S&T Bancorp, Inc.

According to an S&T Bancorp news release, of the 5,380,150 shares of IBT Bancorp common stock subject to the election process, shareholders chose to exchange 3,162,194 shares, or 59%, for S&T Bancorp common stock and 1,416,217 shares, or 26%, for cash.

The payment will be prorated so that 55% of the IBT Bancorp common stock outstanding will be exchanged for S&T Bancorp common stock and 45% will be exchanged for cash.

The merger is expected to close in June, S&T Bancorp said.

As previously announced, S&T Bancorp agreed in December to acquire IBT Bancorp in a stock and cash deal valued at $171 million.

Under the agreement, IBT Bancorp shareholders will receive $31 per share in cash, 0.93 of a share of S&T Bancorp common stock, or a combination of stock and cash, subject to proration.

Irwin, Pa.-based IBT Bancorp is the holding company for Irwin Bank.

S&T Bancorp is the holding company for S&T Bank. The company is based in Indiana, Pa.

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