New York’s Amalgamated Bank has agreed to acquire California-based New Resource Bancorp, the parent of New Resource Bank, in a deal worth around $58.5m.
As per the terms of the merger deal, shareholders of New Resource will be entitled to receive 0.0315 shares of Amalgamated common stock for each share held or purchase price of $9.67 per share.
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The merged entity will create the largest values-based bank in the US, with expanded product offering, greater geographic scope, and enhanced financial resources. The new group will have strong footholds in New York City, Washington, D.C., San Francisco, and Boulder.
The deal has already secured the approval from both companies’ boards of directors and is expected to close in the second quarter of 2018, subject to shareholder and regulatory approvals.
Amalgamated Bank president and CEO Keith Mestrich will become the president and CEO of the combined entity.
“The transaction brings together two complementary and like-minded organisations who share a mission-driven orientation. I believe that, with the addition of New Resource, our bank can become the go-to financial resource and partner for the people, companies, and organisations dedicated to creating a better world,” Mestrich stated.
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