Provident Financial Services, Inc. and SB One Bancorp announced that they have entered into a definitive merger agreement under which Provident will acquire SB One. The merger brings together two high-performing companies with complementary geographies and business lines. Provident will acquire all of the outstanding shares of SB One in exchange for common shares of Provident.

The exchange ratio will be fixed at 1.357 Provident shares for each share of SB One, resulting in an aggregate transaction value of approximately $208.9 million, based on Provident's closing stock price on March 11, 2020. At $12 billion in assets, the combined company comfortably surpasses the $10 billion asset threshold and provides Provident a clear management succession plan with the addition of a very skilled leader and banker in Tony Labozzetta, who will serve as President and Chief Operating Officer of the combined company.