Brentwood Bank, a unit of Mutual Holding Company of Western Pennsylvania, has wrapped up the acquisition of Union Building and Loan Savings Bank, a mutual savings bank in Pennsylvania.
Under the agreement, Union merged with and into Brentwood.
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The companies will not axe jobs or trim branch network due to the consolidation.
The combined group will have branches in Bridgewater, Bethel Park, Brentwood, South Fayette and South Park and manage around $671m in assets.
Union will now operate as a division of Brentwood Bank for a minimum of three years.
Union vice president and CFO Dan Lutz said: “Our Board of Trustees and executive management team recognised the potential benefits to our customers from the additional services and locations that Brentwood could provide.
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By GlobalData“We look forward to seeing our vision and community outreach continue as part of the Brentwood Bank family.”
The deal was first announced last July.
Commenting on the takeover, Brentwood president and CEO Thomas Bailey said: “We are excited to work with Union’s employees to incorporate the Union branch office into Brentwood’s operations and ensure that our customers and the community continue to receive the level of support that we have been providing for more than 96 years.”
