As of Dec. 31, the target had approximately $8.3 billion in assets, $5.8 billion of diverse commercial loans and $7.1 billion of low-cost deposits.

The bank's parent company said it's received all regulatory, and shareholder, approvals in connection with the deal.

Demolition is underway to transform a series of vacant structures in the city into the future headquarters for the financial institution, which is expected to bring more than 600 professionals to the new space.

Thomas Iadanza will lead the financial institution with Ira Robbins continuing to serve as CEO.

The new team seeks to partner with businesses across the continental U.S., and in select foreign territories, to help them meet short-term liquidity needs.

The transaction will create the 29th-largest publicly traded U.S. bank by assets, according to the Wayne-based buyer.