Community Bank Of Bergen County Completes $45M Merger

BERGEN COUNTY, NJ — The Community Bank of Bergen County has completed its merger with Sussex Bank.

The $45 million merger means Sussex Bank now has 13 branches throughout North Jersey and one in New York and $1.4 billion in assets. Community Bank of Bergen County had three branches, in Maywood, Rochelle Park and Fair Lawn. Sussex Bank's lone Bergen location is in Oradell.

Sussex Bankcorp did not announce what impact, if any, the merger would have on Community Bank's employees or if any layoffs would occur.

Each outstanding share of Community Bank stock will be exchanged for 0.97 shares of Sussex Bankcorp stock.

Community Bank President and CEO Peter Michelotti will serve as senior executive vice president and chief operating officer at Sussex Bancorp.

“The merger will create an optimal experience for our customers, as we combine forces to offer enhanced banking and financial services to key markets in New Jersey and New York,” Michelotti said. “It will also tremendously benefit our staff who will realize further opportunities for growth and development, and our shareholders who will experience increased value.”

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