Saddle River Valley Bancorp in New Jersey has a new private-equity owner. The $82.8 million-asset company announced Thursday that SRV Holdings Inc. — an investment vehicle of the New York private-equity firm J.C. Flowers & Co. — has bought a controlling interest in Saddle River Valley. Though the companies did not disclose terms, a spokesman said SRV purchased a 50.5% stake, with the expectation that it would invest additional funds in the future.
The investment will bolster Saddle River Valley's capital position and allow it to expand through de novo branching and acquisitions, its chief executive, Bill Arnold, said in an interview. Management and employees of its thrift unit will remain, and representatives from J.C. Flowers will join the Saddle River Valley board.