BUTLER, Pa.--(BUSINESS WIRE)--NexTier, Inc., the Butler, PA-based holding company for NexTier Bank, National Association, is announcing the successful completion of its capital-raising efforts.
“The Snyder Group is providing NexTier a capital infusion in the form of an investment in common stock which exceeds the amount required by the Bank’s regulators,” announced Margaret Irvine Weir, NexTier Bank’s President.
“This is good news for NexTier Bank, and our customers and shareholders,” Weir explained. “NexTier Bank will continue to serve our customers and the communities. Our employees and our management team will stay in place.”
NexTier announced its intention to seek an infusion of capital after terminating its planned merger with Northwest Bancshares, Inc. NexTier terminated the merger agreement after it became clear that Northwest could not obtain regulatory approval.
The Snyder Group, based in Kittanning, PA, provided an initial investment to NexTier on January 31, 2011. The remaining capital infusion is expected to be completed in approximately 2-3 months, pending regulatory and shareholder approvals, resulting in the Snyder Group acquiring a 51% ownership interest in NexTier.
“NexTier’s management team proved its skill by bringing the Bank through a difficult period and addressing the capital needs of the Bank will allow management to focus on being a superior community bank” says Mark Snyder, representative for the Snyder Group. “NexTier is a solid institution with a long legacy of success. The Snyder Group is pleased to invest in its future.”
About NexTier Inc.
NexTier Inc. has assets of $520 million and serves the western Pennsylvania region with corporate offices in Butler and Wexford. NexTier, Inc. includes NexTier Bank, NexTier Insurance Services and NexTier Armored Services. NexTier Bank provides banking and wealth management services through its 15 community offices located throughout northern Allegheny, Butler and Armstrong counties and is in its fourth generation of leadership by the Irvine family.
About the Snyder Group
The Snyder Group is the owner of Snyder Associated Companies, a holding company with investments in mining, oil and natural gas exploration activities, manufacturing, agriculture and banking. The Snyder Group has a majority interest in the Farmers and Merchants Bank of Western Pennsylvania, based in Kittanning with 7 community offices serving Armstrong County and $400 million in assets.