PITTSBURGH — Dollar Bank is consolidating four local branches of the bank it acquired last May and plans for the remaining Standard Bank branches to take the Dollar name by year-end.
Dollar, Pittsburgh’s seventh-largest financial institution according to deposit market shares, always takes its time with name changes. It bought Monroeville-based Standard AVB Financial Corp. for $156 million, an unusual transaction in that Dollar is a mutual — meaning it is owned by its customers and is not a public company — and Standard had traded on Nasdaq. Dollar, in fact, is the nation’s largest mutual according to assets, which are $11.5 billion.
When the deal closed last May, Dollar CEO Jim McQuade explained that the conversion was being delayed for a very practical reason. Dollar was then in the process of changing its own core operating system and “if we converted Standard right away, they’d have to go through a conversion twice and doing that to employees and customers didn’t make any sense,” McQuade said.
During the fourth quarter of 2022, Standard’s Green Tree branch will merge into Dollar’s in Virginia Manor; there are 3.4 miles between the two. Standard’s Greensburg branch will be consolidated into Dollar’s Westmoreland office, located within 1.6 miles. Standard’s Murrysville office will be combined with Dollar’s site across the street. And Standard’s downtown Pittsburgh branch on Fourth Avenue will merge into Dollar’s branch two blocks away.
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