Announcement

Provident Financial Acquires SB One Bank

Will Create Third Largest NJ-Based Bank

Keith Griffin

March 13, 2020

Provident Financial Services, Inc., the parent company of Provident Bank, and SB One Bancorp, the parent company of SB One Bank, have entered into a definitive merger agreement under which Provident will acquire SB One. The combined organization will have approximately $12 billion in assets and will rank as the 3rd largest bank headquartered in New Jersey.

According to an announcement, Provident will acquire all of the outstanding shares of SB One in exchange for common shares of Provident. The exchange ratio will be fixed at 1.357 Provident shares for each share of SB One, resulting in an aggregate transaction value of approximately $208.9 million, based on Provident’s closing stock price on March 11, 2020. The transaction consideration is presently valued at $22.09 per share for SB One shareholders.

Christopher Martin, Provident chairman and CEO, “This business combination provides attractive financial attributes to shareholders of both Provident and SB One. At $12 billion in assets, the combined company comfortably surpasses the $10 billion asset threshold and provides Provident a clear management succession plan with the addition of a very skilled leader and banker in Tony Labozzetta, who will serve as President and Chief Operating Officer of the combined company.”

Read more about the Provident/SB One merger.

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