BCB Bancorp acquires IA Bancorp

Bayonne-based BCB Bancorp Inc., the holding company for BCB Community Bank, announced Wednesday it has acquired IA Bancorp Inc. and its wholly-owned subsidiary Indus-American Bank, based in Edison.

Under terms of the merger, stockholders of IA Bancorp will receive an aggregate $2.55 million in cash and 631,994 shares of BCB Bancorp’s common stock.

“We are pleased to announce the completion of the merger and to welcome IA Bancorp’s shareholders, customers and employees as part of the BCB Community Bank team,” said Thomas Coughlin, CEO and president of the company. “This strategic combination is an exciting step forward, providing the opportunity to deploy our community bank model throughout a strengthened presence in New Jersey and New York. We will continue Indus-American Bank’s commitment of service to its customers and communities.”

The existing Indus-American branches will now operate and be known as BCB-Indus-American Bank, a division of BCB Community Bank, Coughlin said.

“This combination allows us to partner with a strong community bank that is focused on providing great customer service, a deep commitment to the communities where it operates, and an excellent environment for employees,” said Anil Bansal, chairman of the board of directors of IA Bancorp.

“We look forward to working with the management team at the Bank to better serve our customers and to become the bank of choice in our markets.”

Financial terms were not disclosed.