Northfield Bancorp, Inc. and Hopewell Valley Community Bank have received shareholder and regulatory approvals for the merger of the two organizations.
On Dec. 14, about 72.8 percent of Hopewell Valley shareholders approved the acquisition by Northfield as outlined in the definitive merger agreement. The transaction is expected to close early in the first quarter of 2016.
“We are very pleased to receive these approvals,” said John Alexander, chairman and CEO of Northfield Bancorp. “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.”
It is estimated that Northfield and Hopewell Valley will have combined assets of $3.6 billion, loans of $2.6 billion and deposits of $2.4 billion. The combined organization will have 18 branches in Hunterdon, Mercer, Middlesex, and Union counties, and 21 branches in Staten Island and Brooklyn, New York.
Patrick L. Ryan, chairman of Hopewell Valley, said, “The merger between Hopewell Valley and Northfield is an opportunity to combine two well-respected organizations that are committed to their communities.”
James Hyman, Hopewell Valley’s president and CEO, said, “We are excited to have found a partner in Northfield Bank that shares our passion for customer service and making a difference in our neighborhoods.”
Northfield Bank, founded in 1887, operates 30 full-service banking offices in Staten Island and Brooklyn, New York, and Middlesex and Union counties.
Hopewell Valley Community Bank was established in 1998 and operates nine branches in Mercer and Hunterdon counties.
