On May 19, 2011, The Provident Bank announced that it had signed a definitive agreement to acquire all of the capital stock of New Jersey-based Beacon Trust Company and Beacon Global Asset Management, Inc. for up to $10.5 million.
On May 19, 2011, The Provident Bank announced that it had signed a definitive agreement to acquire all of the capital stock of Beacon Trust Company, a New Jersey limited purpose trust company, and Beacon Global Asset Management, Inc., a Delaware SEC-registered investment advisor. Under the terms of the agreement, seller Beacon Financial will receive cash consideration of up to $10.5 million based upon financial performance in the three years following the closing. Upon the closing of the transaction, combined assets under management will be approximately $1.65 billion. The Provident Bank, a wholly owned subsidiary of Provident Financial Services, Inc., is a Jersey City, New Jersey-based capital stock savings bank.
To read the press release, please click here.