ISELIN, N.J. and BETHLEHEM, Pa., Dec. 20, 2013 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) and Team Capital Bank (PRIVATE: PA.) today announced the signing of a definitive agreement under which Team Capital will merge with and into The Provident Bank. Consideration will be paid to Team Capital stockholders in a combination of stock and cash valued at $122 million, based on Provident's closing price of $18.61 on December 19, 2013.
Upon completion of the transaction, The Provident Bank will assume a five branch Pennsylvania network in the attractive business lending markets of Bucks County and the Lehigh Valley. Further, the merger adds seven branches to Provident's New Jersey franchise and expands Provident's network into the growing banking markets of Hunterdon and Warren counties. With approximately $8.3 billion in assets post-closing, Provident will be positioned to deliver a wide range of comprehensive retail and commercial banking services through a combined network of 90 branches in 13 counties throughout northern and central New Jersey and three counties in eastern Pennsylvania.
"We're very pleased with the acquisition of Team Capital Bank, a commercially-oriented bank with solid asset quality," said Provident's Chairman, President & CEO, Christopher Martin. "This merger will establish an important presence for Provident in eastern Pennsylvania, and it nicely complements and strategically adds to our franchise in contiguous markets. This presents a great opportunity to add scale to Team Capital's commercial lending operations and for the retail bank to increase its market share."Robert Rupel, Team Capital's President and CEO, commented, "We believe Team Capital's customers and stockholders will benefit greatly from this transaction. Provident brings additional retail and business banking products, proven lending capabilities and a depth of capital that will enable the combined company to better compete in our marketplace. Our officers and employees look forward to joining the Provident team."