Sussex Bancorp Announces Expansion Into New York
November 08 2005 - 8:00PM
PR Newswire (US)
FRANKLIN, N.J., Nov. 8 /PRNewswire-FirstCall/ -- Sussex Bancorp
(AMEX:SBB) announced today that its Sussex Bank subsidiary had
entered into an agreement to purchase the Port Jervis, New York
branch office of NBT Bank, N.A. As part of the transaction, Sussex
will assume approximately $6 million in deposits and acquire
approximately $3.7 million in loans. The transaction is subject to
regulatory approval, and is expected to close in the first quarter
of 2006. Donald Kovach, Chairman and Chief Executive Officer of the
Company, stated: "We have long considered Orange County to be a
natural extension of our Northwestern New Jersey market. We have
had a representative office in New York since 2003, and believe
this branch is a continuation of our strategy of expanding our
trade area." Sussex Bancorp is the holding company for Sussex Bank,
which operates through its main office in Franklin, New Jersey and
branch offices in Andover, Augusta, Newton, Montague, Sparta,
Vernon and Wantage, New Jersey, and for the Tri-State Insurance
Agency, Inc., a full service insurance agency located in Sussex
County, New Jersey. DATASOURCE: Sussex Bancorp CONTACT: Candace A.
Leatham, CFO of Sussex Bancorp, +1-973-827-2914, ext. 161 Web site:
http://www.sussexbank.com/
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