According to the Complaint, SB One Bancorp is the holding company for SB One Bank, a full-service, commercial bank that operates regionally with eighteen branch locations in New Jersey and New York. In addition to its branches and loan production offices, SB One Bank offers a full service insurance agency, SB One Insurance Agency, Inc., and wealth services through SB One Wealth.
This action stems from a proposed transaction announced on March 12, 2020, pursuant to which SB One Bancorp will be acquired by Provident Financial Services, Inc.
On March 11, 2020, SB One’s Board of Directors caused the Company to enter into an agreement and plan of merger with Provident Financial. Pursuant to the terms of the Merger Agreement, shareholders of SB One will receive 1.357 shares of Provident Financial common stock for each share of SB One they own.
On May 8, 2020, Defendants filed a proxy statement with the United States Securities and Exchange Commission in connection with the Proposed Transaction, which scheduled a stockholder vote on the Proposed Transaction for June 24, 2020. The Complaint alleges that the Proxy Statement omits material information with respect to the Proposed Transaction, which renders the Proxy Statement false and misleading.