News Column

PROVIDENT FINANCIAL SERVICES INC FILES (8-K) Disclosing Completion of Acquisition or Disposition of Assets, Change in Directors or Principal Officers

June 2, 2014



Item 2.01 Completion of Acquisition or Disposition of Assets

On May 30, 2014, Provident Financial Services, Inc. (the "Company") and The Provident Bank consummated the transactions under the Agreement and Plan of Merger dated December 19, 2013 with Team Capital Bank and completed the merger of Team Capital Bank with and into the Bank. The combined company has assets of approximately $8.4 billion and a network of 87 branches serving customers in thirteen counties throughout northern and central New Jersey, as well as Bucks, Lehigh and Northampton counties in Pennsylvania. The Company will issue approximately 5 million shares of its common stock and pay approximately $31.5 million in cash to Team Capital Bank' stockholders in the transaction. A press release announcing the completion of the merger is attached as Exhibit 99.1.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

Appointment of Certain Officers; Compensatory Arrangements of Certain Officers___________________________________________________________



(d) Effective May 30, 2014, and in accordance with the merger agreement between

Team Capital Bank, The Provident Bank and the Company, John Pugliese, a former director of Team Capital Bank, was appointed as a director of the Company and The Provident Bank. Mr. Pugliese, whose service on the boards of directors of the Company and the Bank will commence at the next respective board meetings, is expected to join the Company's Audit Committee. Mr. Pugliese is eligible to participate in any compensation and benefit plans applicable to directors of the Company and the Bank. Item 9.01 Financial Statements and Exhibits (a) Financial Statements of businesses acquired: Not Applicable. (b) Pro forma financial information: Not Applicable. (c) Shell company transactions: Not Applicable (d) Exhibits: The following Exhibit is attached as part of this report: 99.1 Press Release dated May 30, 2014



--------------------------------------------------------------------------------


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Edgar Glimpses


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters