This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Provident Financial Services, Inc. Completes Acquisition Of Team Capital Bank

ISELIN, N.J., June 2, 2014 (GLOBE NEWSWIRE) -- Provident Financial Services, Inc., (NYSE:PFS) ("Provident") announced today that its acquisition of Team Capital Bank ("Team Capital") was completed on May 30, 2014. In accordance with the Agreement and Plan of Merger dated as of December 19, 2013, Team Capital merged with and into Provident's subsidiary, The Provident Bank (the "Bank"). 

The combined company has assets of approximately $8.4 billion and a network of 87 branches serving customers in thirteen counties throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania. Provident will issue approximately 5 million shares of its common stock and pay approximately $31.5 million in cash to Team Capital's stockholders in the transaction.

In commenting on the merger, Christopher Martin, Provident's Chairman, President and CEO, said, "I want to personally welcome Team Capital's customers, employees and stockholders to Provident. This combination greatly enhances our ability to serve the financial needs of businesses and individuals in the growing Eastern Pennsylvania market as well as affluent Hunterdon and Somerset counties. I also want to welcome John Pugliese as a member of the Boards of Directors of both Provident and the Bank."

Under the terms of the merger agreement, 75% of Team Capital's common stock will be converted into Provident common stock and the remaining 25% will be converted into cash. Each Team Capital stockholder had the option to elect to receive either 0.8575 shares of Provident common stock or $16.25 in cash, or a combination of Provident stock and cash for each Team Capital common share owned, subject to proration to ensure that in the aggregate 75% of the Team Capital shares will be converted into Provident common stock. Materials for making such an election were mailed to Team Capital stockholders of record as of April 11, 2014. The deadline for the return of the election forms was May 23, 2014. The election and proration results will be announced when they become available this week.

1 of 2

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,096.90 -106.47 -0.58%
S&P 500 2,098.53 -9.25 -0.44%
NASDAQ 4,967.1410 -12.76 -0.26%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs