Northfield Bancorp Inc. in Avenel, N.J., has agreed to buy Flatbush Federal Bancorp Inc. in Brooklyn, N.Y., in a deal that will combine two mutual holding companies.
Northfield agreed to exchange stock at a rate of $6.50 a share, the companies said in a press release late Tuesday. The transaction represents a value of about $8.1 million to Flatbush Federal's minority shareholders.
The deal is expected to close in the third quarter. Northfield would have more than $2.4 billion in assets which it completes the acquisition.
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