Provident Financial has announced a deal to acquire SB One Bancorp resulting in a combined bank with about $12B in assets.
“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.”
Christopher Martin, Provident Chairman and CEO
It will be a stock deal in which Provident exchanges 1.357 shares of PFS stock for each share of SB One, valuing the latter at $22.09 based on Provident’s March 11 closing price. The acquisition is expected to be ~9% accretive to Provident’s EPS.