Standard AVB Financial : The Timelessness and Dependability of True Friendships

At the end of the day, our appearance, habits, and surroundings may change (just as they would do over time), but the important things-like how we serve our customers-will be just as strong as ever. - Andy Hasley

As the years go by, many things are guaranteed to change: people's appearances as they age, advancing technology and digital capabilities, your surroundings, your daily habits, and popular trends. However, one thing always remains the same - your true friends. True friendships are with those special people who you know you can always count on, and you can always trust. They share a sense of core values…they are timeless and dependable.

As you probably have heard, Standard AVB Financial Corp (Standard Bank's holding company) has entered into an agreement to merge with Dollar Mutual Bancorp (Dollar Bank 's holding company). The transaction has been approved by the boards of directors of both institutions and has regulatory and shareholder approvals. This is an exciting time for Standard Bank, and just as with those old friends whose appearance may have changed over the years, we anxiously anticipate positive changes in the coming years while continuing to remain true to our community banking values in which you've always placed your trust. Those core values are like true friendships for us-timeless and dependable.

This is a very good opportunity for our bank, our customers, our shareholders, and our employees.

Here are a few more details:

• Dollar Bank is a mutual institution (owned by its depositors) based in Pittsburgh, Pa., and although larger than Standard Bank, they have remained true to their roots. Both institutions share the same commitment to our customers, core values, and dedication to the communities we serve. Founded in 1855, Dollar Bank's vision as a bank for all communities is matched by their dedication to their customers, just as it has been for Standard Bank the past 107 years.
• Standard Bank will initially operate as a wholly-owned subsidiary of Dollar Mutual Bancorp and retain its name and operations structure. For our customers, that means they will continue to bank as they normally do with the same relationship officers, office hours, and friendly faces that greet and serve them each day.
• Standard Bank has maintained a long-standing commitment to our communities with sound banking practices and a personalized approach to customer service. As a community bank, our focus has always been on the relationships with our customers and being a resource in our communities. I know by joining the Dollar family, these core values will not change.
• A rash of bank mergers and acquisitions over the years had resulted in Standard Bank remaining as one of the smallest, independent stock-owned banks in the greater Pittsburgh metropolitan market. As the competitive, economic, and regulatory pressures facing banks (in particular community banks) continue to rise, achieving size, and scale have become increasingly important. In order to more effectively compete and absorb the higher costs associated with delivering our products and services, we believe that merging with a company that shares our operating philosophy and core values will enhance our ability to better serve our customers and communities while providing a superior return to our shareholders.
• Dollar Bank is committed to employee retention. Dollar provides the ability to retain the vast majority of our employees while providing them enhanced opportunities to expand their careers within the same bank.
• The resulting combination provides an opportunity to use this stronger presence to expand our products and services to our customers, provide enhanced digital platforms, enhance Treasury Management capabilities for our commercial customers, offer the capital to ensure we can take care of the lending needs of our growing commercial customer base, and provide the resources to help meet our ever-increasing regulatory burden.
• Over the course of the past several months, I have gotten to know Jim McQuade (President and CEO of Dollar Bank) quite well, and can tell you that his approach to employee advocacy, customer service, dedication to community, and banking overall mirrors Standard Bank's. That is why I can say with absolute confidence, that our organizations are better off together than apart.

To Our Valued Customers: You can count on every Standard Bank team member to bring our trademark spirit and that energy and enthusiasm you have come to expect to the job every day.

To Our Friends of the Bank: We feel good about the future as we complete this merger with Dollar and know that the benefits to you and our communities will be rewarding.

At the end of the day, our appearance, habits, and surroundings may change (just as they would do over time), but the important things-like how we serve our customers-will be just as strong as ever. It's timeless. Dependable. As always, we continue to appreciate your business and trust, and we look forward to growing our relationship with you for years to come.

Andy Hasley
President of Standard Bank