Northfield Bancorp, the holding company for Northfield Bank, closed its acquisition of Hopewell Valley Community Bank.
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As a result of the merger, Hopewell Valley Community Bank will operate as a Division of Northfield Bank. It is anticipated that Hopewell Valley will assume the Northfield Bank name and brand when the integration of the data processing systems is complete, which is expected in April 2016.
The merger expands Northfield’s New Jersey footprint into Mercer and Hunterdon counties, bringing the organization’s presence in New Jersey to 18 branches. Northfield also operates 12 branch locations in Staten Island, New York and nine branch locations in Brooklyn, New York.
In accordance with the terms of the merger, Patrick L. Ryan, Hopewell Valley’s Chairman, has been added to the boards of directors of Northfield and Northfield Bank.
Under the terms of the merger agreement, shareholders of Hopewell Valley elected to receive either 0.9592 shares of Northfield common stock or $14.50 in cash for each share of common stock of Hopewell Valley (including preferred stock of Hopewell Valley deemed converted into Hopewell Valley common stock at a rate of 1.55-to-one), subject to an overall allocation of exchanged shares into 75% stock and 25% cash.
Cash will be paid in lieu of fractional shares at a rate of $16.06 per whole share of Northfield common stock. Northfield will provide information separately regarding the final results of the consideration election of Hopewell Valley shareholders.
Northfield issued 2,707,381 shares of common stock in the merger (subject to adjustment for cash issued in lieu of fractional shares), and based upon the $15.41 per share closing price of Northfield’s common stock on January 8, 2016, the total transaction value was approximately $55.4 million. ■
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