Merger Further Expands NexTier Reach
A Kittanning bank continues to expand during the first-quarter of the New Year.
NexTier, Inc – the parent company of NexTier Bank – announced the completion of their pending merger with Eureka Financial earlier this month. Eurkea Bank officially became a part of NexTier January 8.
Mark Karenchak, the current Chairman of the Board of NexTier Bank will continue in this role. Richard J. Krauland, the President and CEO of NexTier Bank will continue to serve as the President and CEO of the combined entity.
The merger of Eureka into NexTier enhances NexTier’s geographic footprint.
“This strategic combination strengthens our presence in the Allegheny County market’, stated Krauland.”We can offer Eureka customers a more robust deposit product line, technological advances such as tablet banking, enhanced consumer and commercial lending products, Investment services through NexTier Wealth Management, and Commercial and Personal Insurance through ESS NexTier Insurance Services.”
“Our customers can benefit from greater convenience, more choices, and better value,” continued Krauland. “Our communities can benefit because we want to be a leading contributor in every community in which we do business.”
Following the merger, NexTier Bank now offers Western Pennsylvania businesses and consumers a comprehensive line of products and services at 26 locations in Allegheny, Armstrong and Butler Counties – including the former Eureka Bank branches in Oakland and Shaler in Allegheny County
Edward F. Seserko, President and CEO of Eureka Bank, will join Krauland as a member of the NexTier Bank Board of Directors.
Eureka Bank has established an expertise in retail banking that will continue in the combined bank, Seserko said in September.
“Our history in our community dates back to 1886,” Seserko said. “The two banks are very complementary. The ability to remain a community oriented bank serving the Pittsburgh market was important to us.
We look forward to partnering with the NexTier team as we combine our organizations.”
The leadership team of the combined bank will include Robert A. Bowell, Executive Vice President and Chief Lending Officer, Gregory R. Schultz, Senior Vice President and Chief Credit Officer, Tito Lima, Executive Vice President and Chief Financial Officer, Clem C. Rosenberger, Senior Vice President and Chief Operations Officer, Mark S. Schoen, Senior Vice President and Chief Risk Officer, Maria W. Smathers, Senior Vice President, Sales and Marketing, Brian B. Dutton, Chief Legal Counsel, and Darla J. Livermore, Director of Human Resource Management.
NexTier Inc. - which includes NexTier Bank, ESS NexTier Insurance Services and NexTier Wealth Management - has assets of $1.15 billion and serves the western Pennsylvania region with corporate headquarters in Kittanning.
The merger plans were first announced before Labor Day Weekend.
According to the initial press release, under the terms of the agreement, shareholders of Eureka Financial Corp. were to receive approximately $35 million in cash, or $28.50 per share. The agreement was unanimously approved by both banking institutions.
The combined bank plans to maintain its headquarters in Butler while retaining branch staff in each geographic market.
Local News | KP NewsDesk January 19, 2016
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