On Monday, approximately 72.8 percent of Hopewell Valley shareholders approved the acquisition by Northfield as outlined in a merger agreement, Northfield announced.
HOPEWELL TOWNSHIP -- Northfield Bank and Hopewell Valley Community Bank have received shareholder and regulatory approvals to merge into one company, both banks announced Tuesday.
On Monday, approximately 72.8 percent of Hopewell Valley shareholders approved the acquisition by Northfield as outlined in a merger agreement, Northfield announced.
"We are very pleased to receive these approvals," Northfield Chairman and CEO John Alexander said in a statement. "The overwhelming approval of the merger by the Hopewell Valley shareholders demonstrates the confidence they have in the combined organizations' ability to serve the communities and customers in our newly expanded marketplace."
The transaction is expected to close early in the first quarter of next year.
The two banks announced in August that Northfield would acquire Hopewell Valley in a $54.9 million deal, pending approvals.
Once fully merged, the bank will operate a 39-branch company with estimated assets of $3.6 billion, deposits of $2.4 billion and $2.6 billion in loans. The new bank will have 18 branches in Hunterdon, Mercer, Middlesex, Somerset and Union counties and 21 branches in Staten Island and Brooklyn, N.Y.
"The merger between Hopewell Valley and Northfield is an opportunity to combine two well-respected organizations that are committed to their communities," Hopewell Valley Chairman Patrick L. Ryan said in the statement.
James Hyman, Hopewell Valley's President and CEO, said: "We are excited to have found a partner in Northfield Bank which shares our passion for customer service and making a difference in our neighborhoods."
Kevin Shea may be reached at kshea@njadvancemedia.com. Follow him on Twitter@kevintshea. Find The Times of Trenton on Facebook
