BCB and Pamrapo Banks Merge
Local Biz News of the Day…
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.
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.”