Sussex Bancorp Expands Into New York State; Completes Acquisition of Port Jervis, New York Branch
March 28 2006 - 7:00PM
PR Newswire (US)
FRANKLIN, N.J., March 28 /PRNewswire-FirstCall/ -- Sussex Bancorp.
(Amex: "SBB") the holding company for Sussex Bank, announced that
the Bank had completed its acquisition of the Port Jervis, New York
branch of NBT Bank on March 24, 2006. The branch opened on Monday,
March 27 as an office of Sussex Bank. In connection with the
acquisition, Sussex Bank assumed approximately $6.3 million in
deposits and purchased approximately $3.4 million in loans. Mr.
Donald L. Kovach, Chairman and Chief Executive Officer of the
Company, stated: "We are pleased to bring our brand of community
based banking into Orange County, New York. This is our first
expansion beyond our home base of Sussex County, New Jersey and we
believe we will achieve the same success in New York as we have had
in Sussex County. We look forward to expanding our presence within
New York State." Sussex Bancorp is the holding company for Sussex
Bank, a New Jersey chartered commercial bank which operates from 9
offices located in Sussex County, New Jersey and Orange County, New
York. The Company is also the indirect parent of Tri-State
Insurance Agency, Inc., a full service insurance agency.
DATASOURCE: Sussex Bancorp CONTACT: Donald L. Kovach, Chairman
& CEO of Sussex Bancorp., +1-973-827-2914 Web site:
http://www.sussexbank.com/
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