By Lisa Kerner
Charlotte, N.C., June 30 - The boards of directors of BCB Bancorp, Inc. and Pamrapo Bancorp, Inc. unanimously approved a merger of the two companies, it was announced on Tuesday.
Pamrapo said its shareholders will receive one share of BCB for each share of Pamrapo held in the all-stock deal, which is valued at approximately $46 million.
BCB will expand its board by five seats to include representation from Pamrapo.
The combined company will have $1.2 billion in total assets and will be led by chairman Daniel Massarelli. BCB's Donald Mindiak will be the president and chief executive officer.
The merger of the two Bayonne, N.J., bank holding companies is expected to be completed by the end of the year.
BCB was advised by FinPro, Inc. Endicott Financial Advisors, LLC advised Pamrapo.
| Acquirer: | BCB Bancorp, Inc.
|
| Target: | Pamrapo Bancorp, Inc.
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| Announcement date: | June 30
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| Price per share: | One share of BCB
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| Expected closing: | End of 2009
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| Stock price of acquirer: | Nasdaq: BCBP: $9.50 on June 29
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| Stock price of target: | Nasdaq: PBCI: $9.57 on June 29
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