S&T Bancorp completes $171 million acquisition of IBT Bancorp

By Lisa Kerner

Charlotte, N.C., June 9 - S&T Bancorp, Inc.'s combined assets top $4.3 billion with the company's completed acquisition of IBT Bancorp, Inc., it was announced on Monday.

As previously announced, S&T Bancorp agreed in December to acquire IBT Bancorp in a stock and cash deal valued at $171 million.

Under the agreement, IBT Bancorp shareholders will receive $31 per share in cash, 0.93 of a share of S&T Bancorp common stock, or a combination of stock and cash, subject to proration.

It was previously reported that of the 5,380,150 shares of IBT Bancorp common stock subject to the election process, shareholders chose to exchange 3,162,194 shares, or 59%, for S&T Bancorp common stock and 1,416,217 shares, or 26%, for cash.

The payment will be prorated so that 55% of the IBT Bancorp common stock outstanding will be exchanged for S&T Bancorp common stock and 45% will be exchanged for cash, a prior news release stated.

IBT Bancorp shareholders approved and adopted the agreement and plan of merger on April 13.

Irwin, Pa.-based IBT Bancorp is the holding company for Irwin Bank.

S&T Bancorp is the holding company for S&T Bank. The company is based in Indiana, Pa.

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