SOURCE: First Morris Bank & Trust

March 22, 2007 17:08 ET

First Morris Bank & Trust Stockholders Approve Merger Agreement With Provident Financial Services, Inc.

MORRIS TOWNSHIP, NJ -- (MARKET WIRE) -- March 22, 2007 -- First Morris Bank & Trust (OTCBB: FMJE) ("First Morris") today announced that its stockholders approved the merger agreement with Provident Financial Services, Inc. ("Provident"), whereby First Morris will merge with and into Provident's bank subsidiary, The Provident Bank. The merger, which has received approvals from the New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation, is expected to close as of April 1, 2007.

Under the terms of the merger agreement, 50% of First Morris common stock will be converted into Provident common stock and the remaining 50% will be converted into cash. Each First Morris stockholder will have the option to elect to receive either 2.1337 shares of Provident common stock or $39.75 in cash, or a combination of Provident stock and cash for each First Morris common share owned, subject to proration to ensure that in the aggregate 50% of the First Morris shares will be converted into Provident common stock. Materials to be used in making such an election were mailed to First Morris stockholders of record as of March 2, 2007. The deadline for the return of the election forms is March 29, 2007.

About First Morris

First Morris was established in 1969. At December 31, 2006, First Morris had total assets of $585 million and total stockholders' equity of $42 million. It operates nine branch offices in Morris County, New Jersey.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may be identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" or words of similar meaning. These forward-looking statements are based upon the current beliefs and expectations of Provident's and First Morris' management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from the anticipated results discussed in these forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of Provident and First Morris may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the cost savings from the merger may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the merger, including adverse effects on relationships with employees, may be greater than expected; (4) adverse governmental or regulatory policies may be enacted; (5) the interest rate environment may further compress margins and adversely affect net interest income; (6) the risks associated with continued diversification of assets and adverse changes to credit quality; (7) difficulties associated with achieving expected future financial results; (8) competition from other financial services companies in Provident's and First Morris' markets; (9) the risk of an economic slowdown that would adversely affect credit quality and loan originations. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Provident's reports filed with the Securities and Exchange Commission and available at the SEC's Internet site (http://www.sec.gov).

All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to Provident or First Morris or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, Provident and First Morris do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

Contact Information

  • CONTACT:

    First Morris Bank & Trust:
    William Keefe
    EVP / CFO
    (973) 656-2171
    Email Contact