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Provident Financial to buy SB One Bancorp in $208.9M stock deal

  • Provident Financial (NYSE:PFS) agrees to acquire SB One Bancorp (NASDAQ:SBBX) for ~$208.9M.
  • Provident will exchange 1.357 PFS shares for each share of SB One, valuing each SB One share at $22.09 based on Provident's closing stock price on March 11.
  • The combined bank will have ~$12B in assets and will rank as the third-largest bank headquartered in New Jersey.
  • Expected to close in Q3 2020.

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