JERSEY CITY, N.J., April 2 /PRNewswire-FirstCall/ -- Provident Financial
Services, Inc. (NYSE: PFS) ("Provident") announced today that its acquisition
of First Morris Bank & Trust ("First Morris") was completed on April 1, 2007.
In accordance with the Agreement and Plan of Merger dated as of October 15,
2006, First Morris merged with and into Provident's subsidiary, The Provident
Bank (the "Bank").
The combined company has assets of approximately $6.3 billion and a
network of 84 branches serving customers in ten counties throughout northern
and central New Jersey. Provident will issue approximately 3.3 million shares
of its common stock and pay approximately $62 million in cash to First Morris'
stockholders in the transaction.
In commenting on the merger, Paul M. Pantozzi, Provident's Chairman and
CEO, said, "I want to warmly welcome First Morris' customers, employees and
stockholders to Provident. This combination greatly enhances our ability to
serve the financial needs of businesses and individuals in the strong and
growing Morris County market. I also want to welcome Brian Giovinazzi as
Executive Vice President of the Bank and Katharine Laud as a member of the
Board of Directors of both Provident and the Bank."
Under the terms of the merger agreement, 50% of First Morris common stock
will be converted into Provident common stock and the remaining 50% will be
converted into cash. Each First Morris stockholder had the option to elect to
receive either 2.1337 shares of Provident common stock or $39.75 in cash, or a
combination of Provident stock and cash for each First Morris common share
owned, subject to proration to ensure that in the aggregate 50% of the First
Morris shares will be converted into Provident common stock. Materials for
making such an election were mailed to First Morris stockholders of record as
of March 2, 2007. The deadline for the return of the election forms was March
29, 2007. The election and proration results will be announced when they
become available this week.
Provident was advised by the investment banking firm of Banc of America
Securities LLC and the law firm of Luse Gorman Pomerenk & Schick, P.C. First
Morris was advised by the investment banking firm of Keefe, Bruyette & Woods,
Inc. and the law firm of Thacher Proffitt & Wood LLP.
This news release contains certain forward-looking statements. Forward-
looking statements can be identified by the fact that they include words like
"believe," "expect," "anticipate," "estimate," and "intend" or future or
conditional verbs such as "will," "would," "should," "could," or "may."
Provident Financial Services, Inc. does not undertake, and specifically
disclaims, any obligation to publicly release the results of any revisions
that may be made to any forward-looking statements to reflect the occurrence
of anticipated or unanticipated events or circumstances after the date of such
statements.
SOURCE Provident Financial Services, Inc.
Contact: Kenneth J. Wagner, SVP - Investor Relations of Provident Financial Services, Inc., +1-201-915-5344, ken.wagner@providentnj.com