Northfield Bancorp chairman, president and chief executive officer John Alexander said the firm is pleased to announce the acquisition of Flatbush Federal Bancorp as it represents a great fit for Northfield.
"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," said Alexander.
Pricing of the deal for the shares of Northfield Bancorp’s common stock will fetch nearly $8.1m to to Flatbush Federal’s minority stockholders, said the firm.
According to the agreement, Flatbush Federal Bancorp, Flatbush Federal Bancorp, MHC, and Flatbush Federal Savings and Loan Association will merge with and into Northfield Bancorp, Northfield Bancorp, MHC, and Northfield Bank, respectively.
Flatbush Federal Bancorp stockholders will receive 0.4748 shares of Northfield Bancorp common stock for each share of Flatbush Federal Bancorp common stock they hold, in accordance with the transaction.
The mergers have been approved by the Boards of Directors of all the firms are expected to be completed in the third quarter of 2012.
As on 30 September 2011, Flatbush owns total assets of $144.1m and deposits of $114m.
