On July 31, 2020, Provident Financial Services, Inc., Jersey City, New Jersey (“Provident”), the holding company for Provident Bank, completed its acquisition of SB One Bancorp, Paramus, New Jersey (“SB One”), the holding company for SB One Bank. Each share of SB One common stock was exchanged for 1.357 shares of Provident common stock. The transaction was subject to the approval of the FDIC, the New Jersey Department of Banking and Insurance and the shareholders of SB One.

Provident provides a comprehensive array of financial products and services through its network of branches throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania. Provident also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company.

Luse Gorman served as legal counsel to Provident in the transaction. The Luse Gorman team consisted of John J. Gorman, Marc P. Levy, Jeffrey M. Cardone, Gregory M. Sobczak and Brendan Saxon.

Luse Gorman has served as counsel on more than 100 financial institution mergers and acquisitions during the past five years, which is more than any other legal advisor during that time period. To learn more about our mergers and acquisitions practice, please visit our website.