NexTier merges with Manor Bank
NexTier Bank announced Monday the completion of the merger of Manor Bank with and into NexTier, effective immediately.
The merger took about five months to complete, having been initially announced in December. The combined company will operate under the NexTier Bank brand.
Absorbing Manor will enhance NexTier's geographic footprint by reaching into Westmoreland County, according to NexTier CEO Clem Rosenberger, who will maintain his roles as both president and CEO of the combined company.
“Our merger with Manor Bank provides us with the opportunity to serve individuals and businesses in Westmoreland County,” Rosenberger said.
NexTier Bank holds about $1.2 billion in assets and employs 280 Western Pennsylvanians throughout its 28 locations, five of which are in Butler County. This is the bank's third merger since 2014.
Rosenberger said the merger will offer Manor Bank customers more deposit options and a wider selection of programs and services.
“We are looking forward to working with the Manor Bank customers and continuing to meet their financial needs,” Rosenberger said.
Maria Smathers, NexTier's senior vice president and chief marketing officer, said extensive analysis took place before the merger was finalized. She said the acquisition of Manor Bank increased NexTier's asset size by about $34 million, their loans by about $20 million and their deposits by $30 million.
“Not only do we look at the financial ramifications, but also on our ability to positively the impact the customers, employees and communities of the targeted institution,” Smathers said.
Smathers said Butler County residents may not notice any changes to their routine transactions with the company, but they may see some benefits both tangible and intangible.
“The merger expands our geographic footprint and provides two additional branch locations and ATMs for their use if they are in Westmoreland,” she said. “Growth in general also means the potential for new jobs, and with our operations center in Butler, much of our employee growth is in this market.”
Smathers said the successful merger also should build further confidence within their current customer base and allow the company to continue growing.
“When an organization has the ability to expand and flourish, it is certainly a testament to the success they have had with their existing location and customers,” Smathers said. “As our organization continues to grow, it provides us additional resources and the opportunity to provide additional products and services to our customers.”
