ISELIN, N.J. and BETHLEHEM, Pa., April 21, 2014 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc. (NYSE:PFS) and Team Capital Bank (PRIVATE:PA) have received approvals from the Federal Deposit Insurance Corporation, the New Jersey Department of Banking and Insurance, and the Pennsylvania Department of Banking and Securities to complete the merger of Team Capital Bank with and into Provident's bank subsidiary, The Provident Bank. The Federal Reserve Board has advised that the merger does not require its approval.
The merger remains subject to the approval of Team Capital Bank's stockholders at a special meeting to be held on May 23, 2014. Assuming receipt of stockholder approval, it is anticipated that the transaction will be consummated at the end of May.
About ProvidentProvident Financial Services is the holding company for The Provident Bank. Established in 1839, The Provident Bank is a New Jersey chartered capital stock savings bank with its main office in Jersey City, New Jersey. The Bank operates 77 full-service branches in Bergen, Essex, Hudson, Mercer, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Union counties. As of December 31, 2013, Provident had $7.49 billion of consolidated assets. About Team Capital Team Capital Bank was established in 2005. At December 31, 2013, the Bank had total assets of $943.6 million. It operates twelve branch offices in New Jersey and Pennsylvania. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the benefits of the merger between Provident Financial Services, Inc. ("Provident") and Team Capital Bank ("Team Capital"), including future financial and operating results, cost savings and accretion to reported earnings that may be realized from the merger; (ii) Provident's and Team Capital's plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (iii) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Provident's and Team Capital's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts