WOODBRIDGE, N.J., July 01, 2020 (GLOBE NEWSWIRE) -- Northfield Bancorp, Inc. (Nasdaq: NFBK), parent company of Northfield Bank, announced today the closing of its acquisition of VSB Bancorp, Inc. (OTCQX: VSBN), parent company of Victory State Bank.

The Victory merger significantly expands Northfield’s delivery channels in the strategically important marketplace of Staten Island, New York, increasing Northfield’s total service locations on the island to 18. Northfield also operates 17 branch locations in New Jersey and 8 branch locations in Brooklyn, New York. Victory’s data processing systems and name branding are expected to be integrated into Northfield’s, in September 2020.

“We are excited to welcome Victory customers and employees to the Northfield family,” stated Steven M. Klein, President and CEO of Northfield Bank. “We are combining two iconic banking organizations, bringing first class products and technology with Northfield’s locally grown approach to service to the Staten Island community.” Mr. Klein continued, “I’m pleased that Ralph Branca, Victory’s President and CEO, will join our Staten Island team of lenders and business developers to serve the marketplace.”

Under the terms of the merger agreement, each share of Victory common stock will be exchanged for 2.0463 shares of Northfield common stock with fractional shares paid out in cash.

Piper Sandler & Co. served as financial advisor, and Luse Gorman, PC served as legal counsel to Northfield. FinPro Capital Advisors, Inc. rendered a fairness opinion in connection with the transaction, and Gallet Dreyer & Berkey, LLP served as legal counsel to Victory.

About Northfield Bank
Northfield Bank, founded in 1887, currently operates 43 full-service banking offices in Staten Island and Brooklyn, New York, and Mercer, Middlesex, Hunterdon and Union counties, New Jersey. For more information about Northfield Bank, please visit www.eNorthfield.com.