Acquisition of IBT Bancorp, Inc. and Irwin Bank
Our attorneys represented S&T Bancorp, Inc. in its $181 million acquisition by merger of IBT Bancorp, Inc., which was completed on June 6, 2008. The consideration received by the shareholders of IBT Bancorp, Inc. was a combination of cash and shares of common stock of S&T Bancorp, Inc. Upon completion of the merger, S&T Bancorp, Inc., a Pennsylvania-based financial holding company, had combined assets of more than $4.3 billion and 55 branch offices in Western Pennsylvania. The firm assisted S&T on all aspects of the transaction, including corporate and securities, regulatory, tax, and employee benefits. The firm also assisted S&T Bancorp, Inc. in raising the funds to pay a portion of the cash consideration through a private offering of trust preferred securities by S&T Bancorp, Inc. and two private offerings of subordinated debt by S&T Bank.