BCB Bancorp announced that it had completed the acquisition of IA Bancorp
OREANDA-NEWS. April 18, 2018. BCB Bancorp, Inc. (the “Company”), Bayonne, NJ (NASDAQ:BCBP), the holding company for BCB Community Bank (the “Bank”), today announced that it had completed the acquisition of IA Bancorp, Inc. and its wholly-owned subsidiary, Indus-American Bank, of Edison, New Jersey. Indus-American Bank has been merged with and into the Bank. Pursuant to the previously announced terms of the merger, the stockholders of IA Bancorp are receiving an aggregate of $2.55 million in cash and 631,994 shares of the Company’s common stock. As of the closing date, the combined company has approximately $2.31 billion in assets and 28 branches in New Jersey and New York.
“We are pleased to announce the completion of the merger and to welcome IA Bancorp’s shareholders, customers and employees as part of the BCB Community Bank team,” stated Thomas Coughlin, President and Chief Executive Officer of the Company. “This strategic combination is an exciting step forward, providing the opportunity to deploy our community bank model throughout a strengthened presence in New Jersey and New York. We will continue Indus-American Bank’s commitment of service to its customers and communities. The existing Indus-American branches will operate and be known as “BCB-Indus-American Bank, a division of BCB Community Bank,” in recognition of the strong identity forged over the years by Indus-American Bank. In addition, the combination is expected to result in considerable operating synergies and provide significant benefits to our expanded group of clients, communities, shareholders and employees.”
“This combination allows us to partner with a strong community bank that is focused on providing great customer service, a deep commitment to the communities where it operates, and an excellent environment for employees,” said Anil Bansal, Chairman of the Board of Directors of IA Bancorp. “We look forward to working with the management team at the Bank to better serve our customers and to become the bank of choice in our markets.”
Indus-American Bank was founded primarily to meet the banking needs of the South Asian-American community. BCB-Indus-American Bank, a division of BCB Community Bank, will continue to specialize in core business banking products for small- to medium-sized companies, with an emphasis on real estate-based lending.
About BCB Bancorp, Inc.
Established in 2000 and headquartered in Bayonne, N.J., BCB Community Bank is the wholly-owned subsidiary of BCB Bancorp, Inc. (NASDAQ: BCBP). The Bank has 25 branch offices in Bayonne, Carteret, Colonia, Edison, Hoboken, Fairfield, Holmdel, Jersey City, Lodi, Lyndhurst, Maplewood, Monroe Township, Parsippany, Plainsboro, Rutherford, South Orange, Union, and Woodbridge, New Jersey, three branches in Hicksville and Staten Island, New York, and a loan production office in Manhattan. The Bank provides business and individuals a wide range of loans, deposit products, and retail and commercial banking services. For more information, please go to www.bcb.bank.