New name suggests regional focus for growing N.J. bank
Sussex Bancorp in Rockaway, N.J., is changing its name to SB One Bancorp.
The change, which will include a new logo and color scheme, will be effective on April 26, the $1.4 billion-asset company said Thursday. Updated signs recently began to appear at the bank’s 14 branches in New York and New Jersey. The company will also change the name of its banking unit to SB One Bank.
The change follows Sussex's acquisition of Community Bank of Bergen County, which was completed earlier this year. The deal was the first whole bank transaction for Sussex.
“Our merger was built upon a shared vision, and in coming together we made a choice to do so under one name,” Anthony Labozzetta, Sussex's president and CEO, said in the release.
“This merger created opportunities for us to refresh and elevate our brand, and we wholeheartedly embraced the process," Labozetta added. "We are excited to share these details with our customers; however, we want to reinforce that despite our new name and shiny new exterior, we are the same bank that our customers have come to trust.”
Labozzetta was named one of American Banker’s Community Bankers of the Year in 2016 for helping to turn the bank around after becoming CEO in 2010 and for his willingness to innovative with his branch model.