Franklin-based Sussex Bancorp, the parent company of Sussex Bank, has closed on its deal to merge with Bank of Bergen County. The deal expands Sussex Bank’s number of branches in the state to 14 and its total assets to $1.4 billion.
Under the terms of the agreement, each outstanding share of Community Bank common stock will be exchanged for 0.97 shares of Sussex Bancorp common stock.
Community Bank of Bergen Country president Peter Michelotti will now serve as senior vp and COO of Sussex Bancorp and Sussex Bank. He and Community Bank directors Dominick D’Agosta and Walter Loeffler have been appointed members of the board of directors of both Sussex Bancorp and Sussex Bank.
“I am excited about our partnership with Community Bank,” said Anthony Labozzetta, CEO of Sussex Bancorp, in a statement. “The values that Peter Michelotti has instilled at Community Bank are comparable to ours, which will make the cultural integration seamless. As always, our focus will be to deepen the relationships with our employees and customers. The larger scale and broader presence of our organization will make us even more competitive in the markets we serve.”
Keefe, Bruyette & Woods served as financial advisor to Sussex Bancorp and Hogan Lovells US LLP served as its legal counsel. FinPro Capital Advisors served as financial advisor to Community Bank and Stevens and Lee served as its legal counsel.