Provident Financial Services Inc. says it has completed its acquisition of Pennsylvania-based Team Capital Bank, with Team Capital merging with and into Provident's subsidiary, New Jersey-based The Provident Bank.
The combined company has assets of approximately $8.4 billion and a network of 87 branches, serving customers in 13 counties throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania.
Provident will issue approximately 5 million shares of its common stock and pay approximately $31.5 million in cash to Team Capital's stockholders in the transaction.
Under the terms of the merger agreement, 75% of Team Capital's common stock will be converted into Provident common stock, and the remaining 25% will be converted into cash.
Provident was advised by investment banking firm RBC Capital Markets and law firm Luse Gorman Pomerenk & Schick PC. Team Capital was advised by investment banking firms Keefe, Bruyette & Woods Inc. and Griffin Financial Group LLC, as well as law firm Windels Marx Lane & Mittendorf LLP.