SB One Bank is officially part of Provident Bank, creating the third-largest bank based in New Jersey.
On Aug. 3, Provident Financial Services Inc., the buyer’s parent company, said the deal that resulted in a combined entity with approximately $12 billion in assets closed effective July 31.
“We welcome the customers, employees, and shareholders of SB One to the Provident team,” said Provident Chairman and Chief Executive Officer Christopher Martin in a statement. “We also welcome Edward Leppert, Robert McNerney and Anthony Labozzetta to our boards of directors.”
Martin added that Labozzetta, the former president and CEO of SB One Bank, would join Provident’s executive management team as president and chief operating officer.
Leppert and McNerney served on SB One’s board as chairman and director, respectively.
Under the terms of the merger agreement, unveiled in March, Provident said each SB One common share will be exchanged for 1.357 shares of Provident common stock together with cash in lieu of any fractional shares.
Piper Sandler & Co. served as financial advisor to Provident Bank while Luse Gorman PC provided legal counsel. Stifel subsidiary Keefe, Bruyette & Woods was financial advisor to SB One Bank, while Hogan Lovells US LLP served as legal counsel, Provident said.
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