Value in my Own Backyard - Allegheny Valley Bancorp and Standard Financial Corp.
alluvial.substack.com
On Monday, two Pittsburgh banks announced they would combine in a merger of equals. Allegheny Valley Bancorp (AVLY) and Standard Financial Corp. (STND) each have long histories in the city and the surrounding region. Allegheny Valley Bank was founded in 1900 as an alternative to local banks controlled by industrial titans like the Mellon family. The bank stood firm through the Great Depression and the steel industry collapse that rocked Pittsburgh in the later 20th century. Standard Bank is equally venerable, founded in 1913. While Allegheny Valley focused on urban Pittsburgh, Standard Bank grew its base in the suburbs and small cities to Pittsburgh's east, eventually expanding into Western Maryland. Originally a mutual bank, Standard demutualized in 2010. Following the merger, the surviving entity will be named Standard AVB Financial Corp.
Value in my Own Backyard - Allegheny Valley Bancorp and Standard Financial Corp.
Value in my Own Backyard - Allegheny Valley…
Value in my Own Backyard - Allegheny Valley Bancorp and Standard Financial Corp.
On Monday, two Pittsburgh banks announced they would combine in a merger of equals. Allegheny Valley Bancorp (AVLY) and Standard Financial Corp. (STND) each have long histories in the city and the surrounding region. Allegheny Valley Bank was founded in 1900 as an alternative to local banks controlled by industrial titans like the Mellon family. The bank stood firm through the Great Depression and the steel industry collapse that rocked Pittsburgh in the later 20th century. Standard Bank is equally venerable, founded in 1913. While Allegheny Valley focused on urban Pittsburgh, Standard Bank grew its base in the suburbs and small cities to Pittsburgh's east, eventually expanding into Western Maryland. Originally a mutual bank, Standard demutualized in 2010. Following the merger, the surviving entity will be named Standard AVB Financial Corp.