Provident seals Gotham deal

Provident New York Bancorp, the Montebello-based parent company of Provident Bank, has completed its acquisition of Gotham Bank of New York, a business-oriented commercial bank in midtown Manhattan.

Gotham Bank reported total assets of $424.3 million, total loans of $209.6 million and total deposits of $359.9 million as of July 31. Provident paid $40.5 million in cash for all shares of Gotham’s common stock and an additional $578,000 to settle outstanding stock options. With the acquisition, Provident Bank has $3.6 billion in assets.

At the Aug. 10 closing, Gotham Bank was merged into Provident Bank and operates under the Provident Bank name.

Jack Kopnisky, president and CEO of Provident Bank in Rockland County, in a press release called the deal “an important milestone for our bank. Gotham Bank built a strong client base and will serve as the cornerstone of our middle market commercial banking strategy in New York City.”

David S. Bagatelle, executive vice president of Provident Bank and president of the bank”™s New York City metro market, heads the former Gotham Bank operations.

Provident Bank was advised in the transaction by Endicott Financial Advisors L.L.C. and was represented by Arnold & Porter L.L.P.