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Dollar Bank Sells August Wilson Center Building to Foundation

November 4, 2014

Dollar Bank was the winning bidder at the sale of the August Wilson Center, conducted by the Sheriff of Allegheny County, Pennsylvania on November 3, 2014.

Today, Dollar Bank announced that it has sold this bid and all the rights, title and interest in the property to the African American Cultural Center, an entity controlled by the Pittsburgh Foundation. This sale is consistent with the terms and conditions of the previous sale and purchase transaction that had been approved by Judge Lawrence O’Toole and the Orphans Court on September 29, 2014.

The Sheriff Sale was an action taken by Dollar Bank to ensure clean and free title to the property so that the purchase of the property by the Foundation could take place. “Over the last 20 months, Dollar Bank and its participants have funded hundreds of thousands of dollars to protect and maintain the August Wilson Center. These extraordinary steps, while working towards a long term solution to the loan default, were taken to help preserve the mission of the Center and provide the opportunity for its success in the future,” stated Robert Oeler, President and CEO of Dollar Bank.

“Dollar Bank is pleased that the opportunity for the Center to pursue its mission with sound financial support and in a debt-free building is now in hand,” continued Oeler. “They also wish the new organization much success moving forward with formulating their business plan and for their planned 2015 reopening of the August Wilson Center.”

About Dollar Bank

Dollar Bank is the largest independent mutual bank in the nation with assets of more than $6.8 billion.* Today, Dollar Bank operates more than 60 locations throughout the Pittsburgh and Cleveland metropolitan areas. For over 159 years, Dollar Bank has grown to become a large, full service, regional bank committed to providing the highest quality of banking services to individuals and businesses. Dollar Bank (www.dollarbank.com) is headquartered in Pittsburgh, Pennsylvania.

*Source: FDIC.gov, Mutual Institutions as of 6/30/14

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