On December 23, 2019, Northfield Bancorp, Inc., Woodbridge, New Jersey, the holding company for Northfield Bank, and VSB Bancorp, Inc., Staten Island, New York, the holding company for Victory State Bank, entered into a definitive merger agreement pursuant to which VSB Bancorp will merge with and into Northfield Bancorp, with Northfield Bancorp as the resulting company. Northfield Bancorp will acquire VSB Bancorp in an all-stock deal with total consideration valued at approximately $62.9 million. As part of the merger, Victory State Bank will merge with and into Northfield Bank.
Luse Gorman is serving as legal counsel to Northfield Bancorp in the transaction. The Luse Gorman team consists of Eric Luse, Ned Quint, Scott Brown, Beverly White and Brendan Saxon.
This is Luse Gorman’s 23rd bank merger transaction announced in 2019.
Northfield Bank, founded in 1887, currently operates 40 full-service banking offices on Staten Island and Brooklyn, New York, and Mercer, Middlesex, Hunterdon and Union Counties, New Jersey.
Victory State Bank began operations in 1997 and operates six full-service locations on Staten Island.