The Provident Bank Announces Agreement to Acquire Beacon Trust Company and Beacon Global Asset Management

The Provident Bank PFS, and Beacon Financial Corporation today announced the signing of a definitive agreement under which The Provident Bank will acquire all of the capital stock of Beacon Trust Company, a New Jersey limited purpose trust company, and Beacon Global Asset Management, Inc., an SEC-registered investment advisor incorporated in Delaware. Financial terms of the transaction contemplate cash consideration to Beacon Financial in an amount up to $10.5 million, based upon the acquired companies' financial performance in the three years following the closing of the transaction.