SB One Bancorp (Nasdaq: SBBX), the holding company for SB One Bank, announced the successful closing of the previously announced merger of Enterprise Bank N.J. (“Enterprise Bank”) with and into SB One Bank.
Under the terms of the merger agreement, each outstanding share of Enterprise Bank common stock will be exchanged for 0.4538 shares of SB One Bancorp common stock. The merger expands SB One Bank’s presence throughout New Jersey with four new branches, and offers new market opportunities in Union, Essex and Middlesex Counties. SB One Bank now has 18 branches throughout New Jersey and New York and approximately $1.6 billion in assets.
“We are fortunate to partner with Don Haake and Enterprise Bank,” said Anthony Labozzetta, President and CEO of SB One Bank. “Don and his organization share in our vision of relationship banking and, most importantly, in providing our customers with a better banking experience. Now, with four additional locations in New Jersey and penetration in new markets, we will be able to better serve our customers.”
Effective immediately, Enterprise Bank President and CEO Don Haake will serve as Senior Executive Vice President of Regional Banking of SB One Bank. Two members of the Board of Directors of Enterprise Bank, Salvatore A. Davino and Michael F. Lombardi, Esq., will join the Board of Directors
of both SB One Bancorp and SB One Bank.
“There are so many benefits to this merger – new markets, deeper customer engagement, increased opportunities for staff and overall corporate growth,” said Mr. Haake. “It’s an exciting time to be an employee, customer and shareholder of SB One Bank.”