New Jersey-based Sussex Bancorp, the parent of Sussex Bank, has agreed to acquire Community Bank of Bergen County in an all-stock transaction worth $45.4m.
Under the arrangement, Community Bank will merge with and into Sussex Bank and each share of Community Bank common stock will be exchanged for 0.97 shares of Sussex common stock.
The combined entity will have nearly $1.2bn in assets, $925m in gross loans, and $965m in deposits. The deal offers Sussex Bank a greater presence in Bergen County with the addition of three branch locations.
Sussex Bank and Sussex Bancorp president and CEO Anthony Labozzetta said: “We’re excited to be partnering with Peter Michelotti and the Community Bank of Bergen County, NJ to expand our presence in one of the most attractive market service areas in the country.
“Both of our organizations share many common cultural attributes with an intense focus on the employee and customer experience, which we believe will make the partnership attractive to the employees and customers of both banks.”
The deal has already secured the nod of the boards of directors of both companies. It is slated to close in the third quarter of 2017, subject to shareholder and regulatory approvals.
Following the deal completion, Community Bank president and CEO Peter Michelotti will become the COO, senior executive vice president and a member of the board of directors of both Sussex Bancorp and Sussex Bank.