BCB and Pamrapo Banks Merge

7/1/2009:

Local Biz News of the Day…

You might need a cup of Jolt Soda after this snoozer of a business update – BCB Bank and Pamrapo have merged. Yay?

More importantly – I hope “Pamrapo” gets folded under the BCB name – because for over a decade – I’ve gotten a bit of an anxiety attack each time I walk by “Pamrapo” – because I’ve always been used to saying “Ramapo” that it makes my eye twitch.

bcb-and-pamrapo-banks-merge

Two become one

“BCB Bancorp, Inc. and Pamrapo Bancorp, Inc. jointly announced the signing of a definitive merger agreement (“agreement”). Under the terms of the agreement Pamrapo will merge with BCBP. PBCI shareholders will receive 1.00 share of BCBP for each share of PBCI.

The Board of Directors of BCBP will be expanded by five seats for representation from PBCI. Daniel Massarelli will serve as Chairman of the combined entity and Mark Hogan will serve as Vice Chairman. Donald Mindiak will be the President and CEO of the combined entity, Thomas Coughlin will serve as COO and Kenneth Walter will serve as CFO. Both Boards of Directors have unanimously approved the merger.

The combined entity is projected to have $1.2 billion in total asset and hold the 5th largest deposit market share in Hudson County. The resulting company will be a bank holding company with one banking subsidiary, a state-chartered commercial bank.”

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5 Comments on "BCB and Pamrapo Banks Merge"

nacholibre
Member
nacholibre

Do they still make Jolt cola? Wonder how that stacks up to Red Bull, Monster, triple-soy-no whip-shot of vanilla-extra hot lattes?

mcspacebar
Member

They sure do!
http://www.joltenergy.com/default.aspx

In response to nacholibre who said:
Do they still make Jolt cola? Wonder how that stacks up to Red Bull, Monster, triple-soy-no whip-shot of vanilla-extra hot lattes?

mcspacebar
Member

The question is, are they going to close one of the locations?
I hope not.

hobojoe
Member

Coming soon: another vacant storefront on Washington St.

Red Haven
Member
Red Haven

Neither name is all that catchy. They should re-name it “Elysian Federal Savings Bank”. 😉

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