COURT HOUSE – Sturdy Savings Bank has entered into a purchase and assumption agreement to acquire seven retail bank branches from Sun National Bank. The branches are located in Cape May and Atlantic Counties.
The acquired branches currently have approximately $182 million in total deposits. Both banks will be working closely together to ensure a seamless transition for customer accounts and employees transferring to Sturdy Savings Bank. This acquisition is subject to regulatory approval from the FDIC and the New Jersey Department of Banking and Insurance, as well as the satisfaction of customary closing conditions. The acquisition is expected to be completed in the first quarter of 2015. The deposits will continue to be insured by the FDIC up to the maximum amount permitted by law.
Gerald L. Reeves, President, CEO & Director and James M. Fisher, Chairman of the Board of Sturdy Savings Bank stated today “The acquisition strengthens our role as a community bank committed to serving local residents, business owners, schools, and the many organizations that comprise our community. This combination truly is a great fit for everyone – including customers, employees and our local community. We are excited about the opportunity to expand our branch network in the region to further enhance our mission. We look forward to working with Sun National Bank customers and employees. Our goal is to continue to provide personalized service at a level that differentiates us from the competition.”
Ambassador Financial Group, Inc. served as financial advisor to Sturdy Savings Bank and Luse Gorman Pomerenk & Schick, P.C. served as Sturdy Savings Bank’s outside legal counsel.
Sturdy Savings Bank, a $563 million mutual savings bank with a local board of directors, has served Cape May County for 92 years. The Bank currently has 133 employees and operates eight branches in Cape May County, including two in Ocean City and one each in Stone Harbor, Avalon, Cape May, Cape May Court House, Dennisville, and North Cape May.
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