Provident, SB One merger receives FDIC, NJ approvals

Jessica Perry//June 1, 2020//

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In March, two Garden State-based banks announced they would merge to create New Jersey’s third-largest headquartered bank.

On Monday, SB One Bank and Provident Bank moved closer toward that goal with the announced receipt of approvals in connection with the deal from both the Federal Deposit Insurance Corp. and the New Jersey Department of Banking and Insurance.

The closing of Provident’s $208.9 million-valued acquisition of SB One, based upon the latter bank’s closing stock price on March 11, is still subject to the approval or waiver by the board of the Governors of the Federal Reserve System, the approval of SB One shareholders – that annual meeting is set for June 24 –, and other customary closing conditions.