Sussex Bancorp, the holding company for Sussex Bank, completed its merger with Community Bank of Bergen County.
Under the terms of the merger agreement, each outstanding share of Community Bank common stock will be exchanged for 0.97 shares of Sussex Bancorp common stock. The merger enhances and expands Sussex Bank’s presence in Bergen County, New Jersey with the addition of three full service branches in that county, bringing its location total to 14 branches with approximately $1.4 billion in assets.
Community Bank President and CEO Peter A. Michelotti will serve as senior executive vice president and COO at Sussex Bancorp and Sussex Bank. He and Community Bank directors Dominick D’Agosta and Walter E. Loeffler have also been appointed members of the both respective boards of directors.
“I am excited about our partnership with Community Bank. The values that Peter Michelotti has instilled at Community Bank are comparable to ours, which will make the cultural integration seamless,” said Anthony Labozzetta, president and CEO of Sussex Bancorp. “The larger scale and broader presence of our organization will make us even more competitive in the markets we serve.”
“The merger will create an optimal experience for our customers, as we combine forces to offer enhanced banking and financial services to key markets in New Jersey and New York,” Michelotti added. “It will also tremendously benefit our staff who will realize further opportunities for growth and development, and our shareholders who will experience increased value.”
Keefe, Bruyette & Woods served as financial advisor to Sussex Bancorp, with Hogan Lovells US acting as its legal counsel. FinPro Capital Advisors and Stevens and Lee served as financial advisor and legal counsel respectively for Community Bank.
