Sussex Bancorp, the holding company for Sussex Bank, announced the successful closing of the previously announced merger of Community Bank of Bergen County, NJ (“Community Bank”) with and into Sussex Bank.
Under the terms of the merger agreement, each outstanding share of Community Bank common stock will be exchanged for 0.97 shares of Sussex Bancorp common stock. The merger enhances and expands Sussex Bank’s presence in Bergen County, New Jersey with the addition of three full service branch locations in that county, complementing Sussex Bank’s existing location in Oradell, New Jersey. Sussex Bank now has 14 branches throughout Northern New Jersey and New York, and approximately $1.4 billion in assets.
“I am excited about our partnership with Community Bank. The values that Peter Michelotti has instilled at Community Bank are comparable to ours, which will make the cultural integration seamless. As always, our focus will be to deepen the relationships with our employees and customers,” said Anthony Labozzetta, president and CEO of Sussex Bancorp. Labozzetta added, “The larger scale and broader presence of our organization will make us even more competitive in the markets we serve. We look forward to continuing to build our bank and realizing the value that this merger will create for our employees, customers and shareholders.”
Effective immediately, Community Bank President and CEO Peter A. Michelotti will serve as senior executive vice president and chief operating officer at Sussex Bancorp and Sussex Bank. He and Community Bank directors Dominick D’Agosta and Walter E. Loeffler have been appointed members of the Board of Directors of both Sussex Bancorp and Sussex Bank.
“The merger will create an optimal experience for our customers, as we combine forces to offer enhanced banking and financial services to key markets in New Jersey and New York,” said Michelotti. “It will also tremendously benefit our staff who will realize further opportunities for growth and development, and our shareholders who will experience increased value.”
Keefe, Bruyette & Woods, Inc. served as financial advisor to Sussex Bancorp and Hogan Lovells US LLP served as its legal counsel. FinPro Capital Advisors, Inc. served as financial advisor to Community Bank and Stevens and Lee served as its legal counsel.Related Articles: