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BRIEF-Sussex Bancorp announces merger with Community Bank of Bergen County, NJ
April 11, 2017 / 3:13 PM / 8 months ago

BRIEF-Sussex Bancorp announces merger with Community Bank of Bergen County, NJ

April 11 (Reuters) - Sussex Bancorp:

* Sussex Bancorp announces a merger with Community Bank Of Bergen County, NJ

* Transaction is presently valued at $45.4 million, or approximately $23.52 per CMTB share

* Deal for approximately $23.52 per CMTB share

* Says on a pro forma basis, transaction is expected to be accretive to Sussex Bancorp’s 2018 earnings per share by approximately 12%

* Transaction is expected to be accretive to Sussex Bancorp’s 2018 earnings per share by approximately 12%

* Transaction has been unanimously approved by Boards of Directors of both companies and is expected to be completed during Q3 of 2017

* As per agreement, each outstanding share of Community Bank common stock will be exchanged for 0.97 shares of SBBX common stock

* Deal is expected to be accretive to tangible book value per share of about 1% at closing assuming a transaction close in Q3 of 2017

* Two other members of Board of Directors of Community Bank will join Board of Directors of both Sussex Bancorp and Sussex Bank

* Says two other members of Board of Directors of Community Bank will join Board of Directors of both Sussex Bancorp and Sussex Bank

* Effective at closing of deal, Peter Michelotti will become COO, Senior Executive Vice President of Sussex Bancorp and Sussex Bank Source text for Eikon: Further company coverage:

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