NEW YORK (Thomson Financial) - S&T Bancorp Inc. Monday said it would buy IBT
Bancorp Inc. for $171 million.
Under the terms of the agreement, IBT shareholders will receive $31 for each
share of IBT they own, or 93% to 97% of a share of S&T. The percentage of the
share will be determined by the average closing price for S&T for a 20 trading
day period before a meeting of IBT shareholders.
Three of IBT's directors will be appointed to the board of S&T.
S&T said it expects the deal to close in the second quarter of 2008, and
that it expects it to add to its earnings in the first full year of operations,
based on an estimated cost savings of 35%.
S&T is an Indiana, Pa.-based bank. Its stock closed Friday at $28.85.
IBT is a bank based in Irwin, Pa. Its stock closed Friday at $19.19.
Ryan Vlastelica
rv/pc
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