Rockaway, N.J.-based SB One Bancorp has closed its previously announced acquisition of Kenilworth, N.J.-based Enterprise Bank N.J.
Enterprise Bank merged with and into SB One Bank upon deal closing.
Under the terms of the agreement, SB One Bancorp will exchange 0.4538 share of its common stock for each outstanding share of Enterprise Bank.
The acquisition expands SB One Bank's presence throughout New Jersey with four new branches.
Enterprise Bank President and CEO Don Haake will serve as senior executive vice president of regional banking of SB One Bank, effective immediately.
Meanwhile, Enterprise Bank's board members Salvatore Davino and Michael Lombardi will join the board of both SB One Bancorp and SB One Bank. Davino and Lombardi will hold office until SB One Bancorp's 2019 annual meeting of shareholders and will be nominated to stand for re-election at the annual meeting for a term expiring in 2022.
Keefe Bruyette & Woods Inc. served as financial adviser to SB One Bancorp, and Hogan Lovells US LLP served as legal counsel. FinPro Capital Advisors Inc. served as financial adviser to Enterprise Bank, while Windels Marx Lane & Mittendorf LLP served as legal counsel.