Griffin Assists Team Capital in Finding a Strategic Partner
Team Capital Bank, a 2005 de novo based in Bethlehem, PA, evaluated its strategic alternatives and determined that late 2013 could be the appropriate time to sell, provided that there was a buyer who would pay the right price.
Provident Financial Services (NASDAQ: PFS) was the highest bidder, paying $16.25 per share in a cash/stock transaction, representing 154% of reported tangible book value and 17.4x LTM earnings at announcement. Griffin was engaged by Team Capital Bank to provide an opinion regarding the fairness of the consideration to be received by Team’s common shareholders.
Measures of Success
Team Capital shareholders achieved a desirable return on their investment, and Provident Financial Services expanded in New Jersey and entered new markets in Pennsylvania, including the Lehigh Valley and Bucks County. The combined organization’s full range of financial products and services are now available to more diverse and attractive demographic markets.