Two high performing New Jersey-based banks have officially come together, as Provident Bank and SB One Bank have merged, they announced on Monday.
Provident Financial Services, the parent of Jersey City-based Provident, acquired SB One Bancorp, parent of Rochelle Park-based SB One, for $208.9 million, effective July 31.
“We welcome the customers, employees, and shareholders of SB One to the Provident team. We also welcome Edward Leppert, Robert McNerney and Anthony Labozzetta to our boards of directors. I especially look forward to Tony joining our executive management team as president and chief operating officer,” Christopher Martin, chairman and CEO, Provident, said.
Under terms of the deal, each share of SB One stock will be exchanged for 1.357 shares of Provident stock. The combined organization would have about $12 billion in assets, making it the third-largest bank in New Jersey.
Piper Sandler & Co. was the financial advisor and Luse Gorman P.C. was legal counsel to Provident. Keefe, Bruyette & Woods was the financial advisor and Hogan Lovells was legal counsel to SB One.
