Provident Financial to acquire Team Capital Bank Provident Financial Services and Team Capital Bank announced the signing of a definitive agreement under which Team Capital will merge with and into Provident Bank. Consideration will be paid to Team Capital stockholders in a combination of stock and cash valued at $122M, based on Provident's closing price of $18.61 on December 19. Upon completion of the transaction, The Provident Bank will assume a five branch Pennsylvania network in the attractive business lending markets of Bucks County and the Lehigh Valley. Further, the merger adds seven branches to Provident's New Jersey franchise and expands Provident's network into the growing banking markets of Hunterdon and Warren counties. With approximately $8.3B in assets post-closing, Provident will be positioned to deliver a wide range of comprehensive retail and commercial banking services through a combined network of 90 branches in 13 counties throughout northern and central New Jersey and three counties in eastern Pennsylvania.
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