PARSIPPANY — Provident Financial Services, Inc. the parent company of Provident Bank, announced today that the acquisition of SB One Bancorp and its subsidiary, SB One Bank, closed effective July 31, 2020.
Under the terms of the merger agreement, each outstanding share of SB One common stock will be exchanged for 1.357 shares of Provident common stock together with cash in lieu of any fractional shares. The combined organization will have approximately $12 billion in assets and will rank as the 3rd largest bank headquartered in New Jersey. The merger brings together two high-performing companies with complementary geographies and business lines.
“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,” said Christopher Martin, Chairman, and CEO of Provident.
Piper Sandler & Co. served as financial advisor and Luse Gorman, PC provided legal counsel to Provident. Keefe, Bruyette & Woods, A Stifel Company, served as a financial advisor, and Hogan Lovells US LLP served as legal counsel to SB One.
Provident Bank is located at 401 Smith Road, Parsippany.