Mars Bank shareholders approve merger
Mars Bancorp, the parent holding company for Mars Bank announced Nov. 30 that shareholders approved the Agreement and Plan of Merger with NexTier Bank.
The vote happened on Nov. 29 during a special meeting where 97.5% of the votes cast were voted in favor of the merger agreement.
“The approval by our shareholders enables us to move forward with completion of the merger,” Jim Dionise, president and chief executive officer of Mars Bancorp and Mars Bank said. “The transaction will reward our shareholders, provide our customers and community a greater array of products and services, while maintaining a high level of relationship-focused service.”
As a result, shareholders of Mars Bancorp will be entitled to receive $20 for each share of common stock of Mars Bancorp outstanding upon completion of the merger.
The merger is expected to be consummated in the first quarter of 2024.
As of Sept. 30, 2023, Mars Bancorp reported total assets of $518.7 million, total loans of $339.9 million and total deposits of $473.3 million.