Credit Services & Lending M&A » By The Online Investor Staff, updated Wed., Apr. 24, 9:51 PM
Recent mergers and acquisitions in the Credit Services & Lending M&A category.
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Slide #27. Provident Financial Services, Inc. — Team Capital Bank
Acquirer:
Provident Financial Services, Inc. (NYSE:PFS)
Acquiree:
Team Capital Bank
Details:
Provident Financial Services, Inc. (NYSE:PFS) and Team Capital Bank (PRIVATE: PA.) today announced the signing of a definitive agreement under which Team Capital will merge with and into The Provident Bank. Consideration will be paid to Team Capital stockholders in a combination of stock and cash valued at $122 million, based on Provident's closing price of $18.61 on December 19, 2013.
Provident Financial Services is a holding company. Through its subsidiary, Provident Bank (the Bank), Co. accepts deposits from the public and businesses primarily in the areas surrounding its banking offices and uses those funds, together with funds generated from operations and borrowings, to originate commercial real estate loans, commercial business loans, residential mortgage loans, and consumer loans. The Bank also invests in mortgage-backed securities and other permissible investments. Co.'s deposit products include savings accounts, checking accounts, interest-bearing checking accounts, money market deposit accounts and certificate of deposit accounts.
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Avg. Broker Rec.
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Buy (3.00 out of 4) 26th percentile
(ranked lower than approx. 74% of all stocks covered)
Analysts' Target Price: PFS Stock Forecast Based on Zacks ABR data; powered by Xignite |
