Northfield Bank Acquires Flatbush Federal, Adds 3 More Brooklyn Branches
AVENEL, N.J. — Northfield Bancorp Inc., the holding company for Northfield Bank, which has five branches in Brooklyn, reports that it has “a definitive merger agreement” to acquire Flatbush Federal Bancorp Inc., the holding company for Flatbush Federal Savings and Loan Association, which has three branch offices in Brooklyn.
The merger is expected to close in the third quarter of 2012, subject to the receipt of regulatory approvals and the approval of the stockholders of Flatbush Federal Bancorp and the members of Flatbush Federal Bancorp MHC.
Noting he was excited about the acquisition, John W. Alexander, chairperson, president and CEO of Northfield, said, “This transaction is consistent with Northfield’s strategic objective to expand its Brooklyn footprint and the three additional branches enhance our ability to provide outstanding service to our customers and the Brooklyn community.”
Commented Jesus R. Adia, chairperson, president and CEO of Flatbush Federal, “This transaction allows our customers to take advantage of a larger branch network in Brooklyn and the other communities that Northfield services as well. In addition to the added service to our customers, the transaction is most beneficial to our shareholders. We look forward to this new relationship.”
As of Sept. 30, Flatbush had total assets of $144.1 million and deposits of $114.0 million. On Jan. 13, Flatbush closed on the sale of its main office building and adjoining real estate resulting in an after-tax gain of approximately $4.9 million. Northfield anticipates the transaction will be accretive to book value per share, tangible book value per share and earnings per share based on expected cost savings estimates.
Stifel Nicolaus Weisel acted as financial advisor to Northfield and Kilpatrick Townsend & Stockton acted as legal advisor. Sandler O'Neill + Partners acted as financial advisor to Flatbush Federal and Nixon Peabody acted as legal advisor.
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