This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Provident Bank Announces Agreement To Acquire Beacon Trust Company And Beacon Global Asset Management, Inc.

JERSEY CITY, N.J. and MORRIS TOWNSHIP, N.J., May 19, 2011/PRNewswire/ -- The Provident Bank, a wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), and Beacon Financial Corporation today announced the signing of a definitive agreement under which The Provident Bank will acquire all of the capital stock of Beacon Trust Company, a New Jersey limited purpose trust company, and Beacon Global Asset Management, Inc., an SEC-registered investment advisor incorporated in Delaware.   Financial terms of the transaction contemplate cash consideration to Beacon Financial in an amount up to $10.5 million, based upon the acquired companies' financial performance in the three years following the closing of the transaction.

"We're excited about this opportunity to add the talented portfolio managers and trust administrators who have made Beacon a recognized market leader in New Jersey," said Provident's Chairman, President & CEO Christopher Martin.  "This transaction will serve to significantly expand Provident's wealth management business throughout the state, which will now be centralized from Beacon's conveniently located offices in affluent Morris County.  Coupled with Provident's 80-plus branch network, Beacon's expertise in trust and wealth management services will strategically position our organization to enhance market share and non-interest earnings growth."

Marc L. Paley, CEO and President of Beacon Financial, commented: "Beacon's business model of delivering exceptional client services and personalized asset management is a perfect fit for Provident which has a long history of providing a high level of customer service.  Our clients will greatly benefit from Provident's existing branch banking platform and complementary products and financial services."

When the transaction closes, the assets under management of the combined entities, on a pro forma basis, will be approximately $1.65 billion.  James D. Nesci, Provident's Chief Wealth Management Officer, will become president of the acquired entities, and will oversee their integration.

"The Provident Bank has provided banking services to its clients for over 172 years.  The expansion of our wealth management business continues our focus on serving our clients' financial needs.  We believe that our philosophy of providing exceptional service is shared with Beacon and its talented staff," said Nesci.  "We also look forward to introducing Provident's Wealth Management clients to Beacon's sophisticated array of portfolio management solutions."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,798.49 -14.90 -0.08%
S&P 500 2,090.11 +1.24 0.06%
NASDAQ 5,127.5250 +11.3820 0.22%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs