BUTLER TWP — The capitalization of NexTier Bank by the Snyder Group of Kittanning will be completed today.

NexTier CEO Margaret Irvine-Weir said Monday the partnership between the bank and the Snyder Group has been approved by both the Federal Reserve and the state Department of Banking.

Until both approvals had come through, Snyder could only buy 9.9 percent of the bank’s stock.

“Tuesday (today) we can transfer the balance of the stock to the Snyder Group, putting NexTier above capitalization positions,” Irvine-Weir said.

This stock buy puts Snyder in control of 51 percent of the bank’s stock. The two companies struck the deal in November.

Snyder Group has investments in mining, oil and natural gas exploration, manufacturing, agriculture and banking. The group has the majority interest in Farmers and Merchants Bank of Western Pennsylvania based in Kittanning with seven branches in Armstrong County.

The company has $400 million in assets.

The group has about 300 employees in its core businesses, with another 400 to 500 employees globally through Sylvan Inc., a producer and distributor of mushroom spawn or seed, and another 85 with Farmers and Merchants Bank.

NexTier has 15 offices in Butler, Allegheny and Armstrong counties. The bank has 232 employees which includes an armored company, insurance firm and the bank.

NexTier’s total deposits are $464 million and total assets are $520 million.

“Now it will be business as usual for NexTier,” Irvine-Weir said.