Gotham Bank of New York Stockholders Approve Merger With Provident Bank

NEW YORK, May 2, 2012 /PRNewswire/ -- Gotham Bank of New York (Pink Sheets: GOBN) today announced that, at the company's annual meeting of stockholders held on April 30, 2012, stockholders voted to approve the proposed merger of Gotham Bank with Provident Bank, a wholly owned subsidiary of Provident New York Bancorp (NYSE: PBNY).  Completion of the transaction is subject to the receipt of regulatory approvals and other customary closing conditions. 

All of the stockholders represented at the meeting, holding approximately 86 percent of Gotham Bank's total outstanding shares, voted to approve the merger, which is expected to close in the third quarter of 2012.  The bank's stockholders also re-elected all of the bank's current directors to serve for an additional one-year term.  

Gotham Bank also announced today that, based on its books and records, the unaudited tangible net worth as of April 30, 2012 was approximately $32,455,000.  Under the terms of the merger agreement with Provident Bank, the purchase price that will be paid to each Gotham stockholder will be equal to the sum of 125% of tangible net worth, adjusted as provided in the merger agreement, as determined shortly prior to the closing date and the implied exercise price of any outstanding options, divided by the total number of shares outstanding assuming full exercise of all options.  Because of  the adjustments to tangible net worth and the timing of the calculations, as described in the proxy statement distributed to stockholders in connection with the annual meeting, the adjusted tangible net worth used to determine the purchase price is likely to differ from the tangible net worth reflected on Gotham's books and records. 

About Gotham Bank

Chartered in 1980, Gotham Bank is a community commercial bank that is headquartered in midtown Manhattan. Gotham Bank provides a variety of personalized banking products and services to its customers, and emphasizes a high level of personal service as a core business practice.

SOURCE Gotham Bank of New York