Coronavirus outbreak forces VSB to delay vote on sale to Northfield

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VSB Bancorp in Staten Island, N.Y., has delayed a vote to approve its sale to Northfield Bancorp in Woodbridge, N.J., due to the coronavirus outbreak.

The $378 million-asset VSB, which agreed in late December to be sold to the $5 billion-asset Northfield for $62.9 million in stock, rescheduled its April 28 shareholder meeting to June 23. The company said in a Friday press release that the pandemic was the reason for the delay.

The release did not say if the companies will adjust plans to close the deal in the second quarter.

Several banks, including First Horizon National in Memphis, Tenn.; Pacific Premier Bancorp in Irvine, Calif.; and South State in Columbia, S.C.; have added the coronavirus pandemic to a list of risk factors that could impact their deals.

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Community banking M&A Coronavirus