Hopewell Valley Community Bank to Merge with Northfield Bancorp in January
The merger of Hopewell Valley Community Bank with the Northfield Bancorp, Inc. will take effect some time in early January.
Customers were informed of the timing of the merger via mail. There are currently no changes to accounts, debit cards, checks, or account numbers, and the staff at local branches will remain the same, bank representatives said. Over the next few months, the Hopewell accounts will transition to the Northfield product line.
Earlier this month, Northfield Bancorp and Hopewell Valley Community Bank received shareholder and regulatory approvals for the merger of the two companies. Northfield is based in Woodbridge.
On Dec. 14, about 73 percent of Hopewell Valley shareholders approved the acquisition. Upon completion of the transaction, 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 merged company will have 18 bank branches in Hunterdon, Mercer, Middlesex, and Union counties, and 21 branches in Staten Island and Brooklyn.
“The merger between Hopewell Valley and Northfield is an opportunity to combine two well-respected organizations that are committed to their communities,” Patrick Ryan, chairman of Hopewell Valley Community Bank.
Northfield Bank, founded in 1887, operates 30 full-service banking offices in Staten Island, Brooklyn, Middlesex County and Union County.
Hopewell Valley Community Bank was established in 1998 and operates nine branches in Mercer County and Hunterdon County.
Hopewell was acquired by Northfield in a $54.9 million deal earlier this year. Hopewell Valley bank stockholders receive stock and cash as part of the deal.
Ryan will join the boars of directors of Northfield Bank and James Hyman, Hopewell Valley’s President and CEO, will remain with Northfield as regional president for the Hopewell Valley franchise.
“This merger will establish an important presence for Northfield in Western New Jersey, and it complements and adds strategically to our franchise,” Northfield Chairman and CEO John W. Alexander said in a press release about the acquisition earlier this year. “We expect this combination to add loan diversity to Northfield’s operations, provide greater lending capacity in Hopewell Valley’s marketplace, and increase deposit market share in the communities served by Hopewell Valley.”