Northfield seals acquisition of Victory State Bank

By ROI-NJ Staff
Woodbridge | Jul 3, 2020 at 5:56 am

Woodbridge-based Northfield Bancorp Inc., parent of Northfield Bank, said it has completed its $63 million acquisition of VSB Bancorp Inc., parent of Victory State Bank.

The deal for the Staten Island-based bank, which was first announced in December, gives Northfield a total of 18 branches in the New York borough, along with 17 branches in New Jersey and eight in Brooklyn.

Victory’s data processing systems and branding are expected to be integrated into Northfield’s by September.

“We are excited to welcome Victory customers and employees to the Northfield family,” Northfield CEO and President Steven M. Klein said in a prepared statement. “We are combining two iconic banking organizations, bringing first-class products and technology with Northfield’s locally grown approach to service to the Staten Island community.

“I’m pleased that Ralph Branca, Victory’s president and CEO, will join our Staten Island team of lenders and business developers to serve the marketplace.”

Piper Sandler & Co. was Northfield’s financial adviser, while Luse Gorman P.C. was its legal counsel. FinPro Capital Advisors Inc. rendered a fairness opinion, while Gallet Dreyer & Berkey LLP was Victory’s legal counsel.

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