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ISELIN, N.J. and PARAMUS, N.J., May 29, 2020 (GLOBE NEWSWIRE) — Provident Banking Services, Inc. (NYSE: PFS) (“Provident”), the ancestor aggregation of Provident Bank, and SB One Bancorp, Inc. (NASDAQ: SBBX) (“SB One”), the ancestor aggregation of SB One Bank, appear today the cancellation of the Federal Drop Allowance Corporation and the New Jersey Department of Banking and Allowance approvals in affiliation with the proposed alliance of SB One with and into Provident (the “Merger”).
The closing of the Alliance charcoal accountable to the approval of or abandonment by the Board of Governors of the Federal Reserve System, the approval of SB One’s shareholders at the anniversary affair of shareholders to be captivated on June 24, 2020, and assertive added accepted closing conditions.
Provident Banking Services, Inc. (NYSE:PFS), is the captivation aggregation for Provident Bank, a community-oriented coffer alms “commitment you can calculation on” back 1839. Provident Coffer provides a absolute arrangement of banking articles and casework through its arrangement of branches throughout arctic and axial New Jersey, as able-bodied as Bucks, Lehigh and Northampton counties in Pennsylvania. The Coffer additionally provides fiduciary and abundance administration casework through its wholly endemic subsidiary, Beacon Trust Company. The Provident Coffer Foundation has accurate all of its markets and communities with abetment with housing, education, bloom and home affliction for over 15 years. For added advice about Provident, amuse appointment www.provident.bank.
About SB One
SB One Bancorp (NASDAQ:SBBX), is the captivation aggregation for SB One Bank, a full-service, bartering coffer that operates regionally with 18 annex locations in New Jersey and New York. Established in 1975, SB One Bank’s backbone is in its adeptness to body able claimed relationships with its barter and to serve the communities in which it operates. In accession to its branches and accommodation assembly offices, SB One Coffer offers a full-service allowance agency, SB One Allowance Agency, Inc. and abundance casework through SB One Wealth. SB One Coffer reinforces its allegation to the communities in which it lives and serves through the SB One Foundation, Inc. which supports assorted bounded accommodating organizations. For added advice about SB One, amuse appointment www.sbone.bank.
Forward Looking Statements
This columnist absolution contains advanced statements aural the acceptation of the Private Balance Litigation Reform Act of 1995. These advanced statements include, but are not bound to, statements about (i) the allowances of a alliance amid SB One and Provident, including approaching banking and operating results, amount savings, enhancements to acquirement and accession to appear balance that may be accomplished from the Merger; (ii) Provident’s and SB One’s plans, objectives, expectations and intentions and added statements independent in this columnist absolution that are not absolute facts; and (iii) added statements articular by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of agnate acceptation about advised to analyze advanced statements. These advanced statements are based aloft the accepted behavior and expectations of the corresponding managements of Provident and SB One and are inherently accountable to cogent business, bread-and-butter and aggressive uncertainties and contingencies, abounding of which are aloft the ascendancy of Provident and SB One. In addition, these advanced statements are accountable to assumptions with account to approaching business strategies and decisions that are accountable to change. Absolute after-effects may alter materially from the advancing after-effects discussed in these advanced statements because of accessible uncertainties.
The afterward factors, amid others, could account absolute after-effects to alter materially from the advancing after-effects or added expectations bidding in the advanced statements: (1) the businesses of Provident and SB One may not be accumulated successfully, or such aggregate may booty longer, be added difficult, time-consuming or cher to achieve than expected; (2) the accepted advance opportunities or amount accumulation from the Alliance may not be absolutely accomplished or may booty best to apprehend than expected; (3) drop attrition, operating costs, chump losses and business disruption afterward the Merger, including adverse furnishings on relationships with advisers and customers, may be greater than expected; (4) the absolute authoritative approval appropriate for the Alliance may not be acquired on the proposed agreement or on the advancing schedule; (5) the shareholders of SB One may abort to accept the Merger; (6) aldermanic or authoritative changes, including changes in accounting standards, may abnormally affect the businesses in which Provident and SB One are engaged; (7) the absorption amount ambiance may added abbreviate margins and abnormally affect net absorption income; (8) after-effects may be abnormally afflicted by connected about-face of assets and adverse changes to acclaim quality; (9) antagonism from added banking casework companies in Provident’s and SB One’s markets could abnormally affect operations; and (10) an bread-and-butter arrest could abnormally affect acclaim affection and accommodation originations. Additional factors that could account absolute after-effects to alter materially from those bidding in the advanced statements are discussed in Provident’s and SB One’s letters (such as Anniversary Letters on Form 10-K, Quarterly Letters on Form 10-Q and Accepted Letters on Form 8-K) filed with the Balance and Exchange Commission (the “SEC”) and accessible on the SEC’s Internet armpit (http://www.sec.gov).
In addition, the COVID-19 communicable is accepting an adverse appulse on both Provident and SB One, their barter and the communities they serve. Given its advancing and activating nature, it is difficult to adumbrate the abounding appulse of the COVID-19 beginning on Provident’s and SB One’s businesses. The admeasurement of such appulse will depend on approaching developments, which are awful uncertain, including back the coronavirus can be controlled and abated and back and how the abridgement may be reopened. As the aftereffect of the COVID-19 communicable and the accompanying adverse bounded and civic bread-and-butter consequences, both Provident and SB One could be accountable to any of the afterward risks, any of which could accept a material, adverse aftereffect on our business, banking condition, liquidity, and after-effects of operations: the appeal for their articles and casework may decline, authoritative it difficult to abound assets and income; if the abridgement is clumsy to essentially reopen, and aerial levels of unemployment abide for an continued aeon of time, accommodation delinquencies, botheration assets, and foreclosures may increase, consistent in added accuse and bargain income; accessory for loans, abnormally absolute estate, may abatement in value, which could account accommodation losses to increase; their allowances for accommodation losses may access if borrowers acquaintance banking difficulties, which will abnormally affect net income; the net account and clamminess of accommodation guarantors may decline, impairing their adeptness to account commitments to anniversary company; as the aftereffect of the abatement in the Federal Reserve Board’s ambition federal funds amount to abreast 0%, the crop on assets may abatement to a greater admeasurement than the abatement in the amount of interest-bearing liabilities, abbreviation net absorption allowance and advance and abbreviation net income; abundance administration revenues may abatement with continuing bazaar turmoil; Provident may face the accident of a amicableness write-down due to banal amount decline; and both companies’ cyber aegis risks are added as the aftereffect of an access in the cardinal of advisers alive remotely.
Provident and SB One attention that the aloft account of factors is not exhaustive. All consecutive accounting and articulate advanced statements apropos the proposed transaction or added affairs attributable to Provident or SB One or any being acting on their account are especially able in their absoluteness by the cautionary statements above. Provident and SB One do not undertake any obligation to amend any advanced account to reflect affairs or contest that action afterwards the date the advanced statements are made.
Important Additional Advice and Where to Find It
This columnist absolution does not aggregate an action to advertise or the address of an action to buy any balance or a address of any vote or approval with account to the Merger. No action of balance shall be fabricated except by agency of a announcement affair the requirements of the Balance Act of 1933, as amended, and no action to advertise or address of an action to buy shall be fabricated in any administration in which such offer, address or auction would be unlawful.
In affiliation with the Merger, Provident filed with the SEC a allotment account on Form S-4 (the “Registration Statement”) that included a proxy account of SB One and a announcement of Provident (the “Proxy Statement/Prospectus”), and anniversary of Provident and SB One may book with the SEC added accordant abstracts apropos the Merger. The absolute Proxy Statement/Prospectus was mailed to shareholders of SB One on or about May 13, 2020. Shareholders and investors are apprenticed to apprehend the Allotment Account and the Proxy Statement/Prospectus apropos the Alliance anxiously and in their absoluteness and any added accordant abstracts filed with the SEC by Provident and SB One, as able-bodied as any amendments or supplements to those documents, because they will accommodate important advice about Provident, SB One and the Merger.
Free copies of the Proxy Statement/Prospectus, as able-bodied as added filings absolute advice about Provident and SB One, may be acquired at the SEC’s website, www.sec.gov. You will additionally be able to access these documents, chargeless of charge, by administering a appeal to Provident Banking Services, Inc., 100 Wood Avenue South, P.O. Box 1001, Iselin, New Jersey 08830, Attention: Corporate Secretary, Telephone: (732) 590-9200, or to SB One Bancorp, 95 State Route 17, Paramus, New Jersey 07652, Attention: Corporate Secretary, Telephone: (844) 256-7328, or by accessing Provident’s website at www.provident.bank beneath the tab “Investor Relations” and again beneath the branch “SEC Filings” or by accessing SB One’s website at www.sbone.bank beneath the tab “Investor Relations” and again beneath the branch “SEC Filings”. The advice on Provident’s and SB One’s websites is not, and shall not be accounted to be, a allotment of this columnist absolution or congenital into added filings either aggregation makes with the SEC.
Participants in the Solicitation
Provident, SB One and their corresponding directors, and assertive of their controlling admiral and advisers may be accounted to be participants in the address of proxies from the shareholders of SB One in affiliation with the Merger. Advice about Provident’s admiral and controlling admiral is accessible in its proxy account for its 2020 anniversary affair of stockholders, which was filed with the SEC on March 13, 2020, and advice about SB One’s admiral and controlling admiral is accessible in its proxy account for its 2020 anniversary affair of shareholders, which was filed with the SEC on May 8, 2020. Advice apropos all of the bodies who may, beneath the rules of the SEC, be accounted participants in the proxy address and a description of their absolute and aberrant interests, by aegis backing or otherwise, are independent in the Proxy Statement/Prospectus apropos the Alliance and added accordant abstracts filed with the SEC. Chargeless copies of these abstracts may be acquired as declared in the above-mentioned paragraph.
Contacts:Provident Contact: Investor Relations732firstname.lastname@example.org
SB One Contact: Adriano DuarteExecutive VP & Chief Banking Officer844 844-8958
Personal Financial Statement Meaning The Reason Why Everyone Love Personal Financial Statement Meaning – personal financial statement meaning
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