MATTITUCK, N.Y. - North Fork Bancorp. announced that it will acquire $125-million-asset Great Neck Bancorp for a total consideration of $20.3 million.
Great Neck stockholders will receive stock in a new entity which will retain certain performing and nonperforming loans that North Fork did not want, with a carrying value of $13.9 million.
The shareholders would also receive about $6.4 million in cash from North Fork, the only payment from that company.
North Fork is the $2.7-billion-asset holding company for North Fork Bank, with 46 branches in Suffolk, Nassau, Queens, Westchester, and Rockland counties. Great Neck is the parent of the Bank of Great Neck.