NexTier, the holding company of NexTier Bank, will acquire Mars Bancorp, the holding company of Mars Bank. Terms of the deal were not disclosed.
The combined company and branch locations will operate under the NexTier Bank brand, both banks said in a release Thursday. With the acquisition, NexTier Bank will have total assets in excess of $2.6 billion.
Clem Rosenberger, NexTier’s president and CEO, will lead the combined institution. Meanwhile, Jim Dinoise, president and CEO of Mars, will join the NexTier Bank Board of Directors upon the consummation of the transaction.
“This merger ensures our customers will continue to receive access to the products, services, and technology they need while maintaining the relationship-driven, hands-on service they’ve come to expect,” Dionise said in a statement.
Mars Bank — an independent community bank in Pennsylvania — offers mortgage lending, retail and commercial banking in six locations throughout the state.
Mars Bank held $520.8 million in assets as of June 30, 2023.
In the mortgage lending business, Mars Bank offers 30-year fixed conventional, FHA loans, a medical professionals mortgage program, construction loans, home equity loans and Home Equity Line of Credits (HELOCs), according to its website.
Mars Bank posted an origination volume of $50.9 million across 234 loans in the past 12 months, according to the mortgage data platform Modex.
NexTier Bank has 27 branches in western and central Pennsylvania and had $2.1 billion in assets as of June 30, 2023.
In its mortgage division, the bank offers construction, purchase loans, home equity loans as well as HELOCs in addition to providing consumer loans, wealth management and merchant services.
NexTier Bank produced $50.6 million in origination across 205 loans over the past 12 months, Modex showed.