ROCKAWAY, N.J., Dec. 21, 2018 (GLOBE NEWSWIRE) -- SB One Bancorp (Nasdaq: SBBX), the holding company for SB One Bank, announced today the successful closing of the previously announced merger of Enterprise Bank N.J. with and into SB One Bank.
Under the terms of the merger agreement, each outstanding share of Enterprise Bank common stock will be exchanged for 0.4538 shares of SB One Bancorp common stock. The merger expands SB One Bank’s presence throughout New Jersey with four new branches, and offers new market opportunities in Union, Essex and Middlesex Counties. SB One Bank now has 18 branches throughout New Jersey and New York and approximately $1.6 billion in assets.
“We are fortunate to partner with Don Haake and Enterprise Bank,” said Anthony Labozzetta, President and CEO of SB One Bank. “Don and his organization share in our vision of relationship banking and, most importantly, in providing our customers with a better banking experience. Now, with four additional locations in New Jersey and penetration in new markets, we will be able to better serve our customers.”
Effective immediately, Enterprise Bank President and CEO Don Haake will serve as Senior Executive Vice President of Regional Banking of SB One Bank. Two members of the Board of Directors of Enterprise Bank, Salvatore A. Davino and Michael F. Lombardi, Esq., will join the Board of Directors of both SB One Bancorp and SB One Bank.
“There are so many benefits to this merger – new markets, deeper customer engagement, increased opportunities for staff and overall corporate growth,” said Mr. Haake. “It’s an exciting time to be an employee, customer and shareholder of SB One Bank.”
Keefe, Bruyette & Woods, Inc. served as financial advisor to SB One Bancorp and Hogan Lovells US LLP served as its legal counsel. FinPro Capital Advisors, Inc. served as financial advisor to Enterprise Bank and Windels Marx Lane & Mittendorf, LLP served as its legal counsel.
About SB One Bancorp
SB One Bancorp (Nasdaq: SBBX), is the holding company for SB One Bank, a full-service, commercial bank that operates regionally with 18 branch locations in New Jersey and New York. Established in 1975, SB One Bank's strength is in its ability to build strong personal relationships with its customers and to serve the communities in which it operates. In addition to its branches and loan production offices, SB One Bank offers a full-service insurance agency, SB One Insurance Agency, Inc. and wealth services through SB One Wealth. SB One Bank reinforces its commitment to the communities in which it lives and serves through the SB One Foundation, Inc. which supports various local charitable organizations.
SB One Bancorp was recently added to the Russell 2000® Index and Russell 3000® Index. In 2017, it was recognized as one of the top 29 banks and thrifts nationwide and one of three from New Jersey that comprise the Sandler O’Neill Sm-All Stars Class of 2017. SB One Bancorp is one of the 50 Fastest Growing Companies in New Jersey as ranked by NJBIZ Magazine. SB One Bancorp President and Chief Executive Officer, Anthony Labozzetta, was named one of America’s Business Leaders in Banking by Forbes magazine and American Banker’s Community Banker of the Year in 2016.
For more details on SB One Bank, visit: www.SBOne.bank
