Exhibit 99
Press Release, dated as of December 8, 2000
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Donald Fleming
Senior Vice President
December 8, 2000 Contact #: (718) 556-6517
ANNOUNCEMENT: STATEN ISLAND BANCORP, INC. COMPLETES PURCHASE OF UNITY
BANK BRANCHES
STATEN ISLAND, NEW YORK - Staten Island Bancorp, Inc. (NYSE: SIB), the
holding company (the "Company") for SI Bank & Trust (the "Bank") announced
today the successful completion of the purchase of four branches from Unity
Bancorp, New Jersey. Three branches are in Union County and one branch is
in Middlesex County.
Harry P. Doherty, Chairman and Chief Executive Officer of the Company
stated. "We are extremely pleased to complete this transaction and we
welcome the customers and employees of these Unity branches to the expanding
SI Bank & Trust network in New Jersey. We believe that our product set and
commitment to superior service will benefit the existing customer base and
also enhance the opportunities for growth in these new locations."
In the transaction, the Bank assumed a deposit base of approximately $42
million and paid a premium of 6.5%.
Statements contained in this news release which are not historical facts are
considered forward looking statements, as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward looking
statements are subject to risks and uncertainties which could cause actual
results to differ materially from those currently anticipated due to a
number of factors, which include but are not limited to, factors discussed
in documents filed by the Company with the Securities and Exchange
Commission from time to time.
Staten Island Bancorp, Inc. is the holding company for SI Bank & Trust. The
Bank was chartered in 1864 and now operates seventeen full service branches
and three limited service branches on Staten Island and two full service
branches in Brooklyn, five full service branches in Ocean County, two full
service branches in Monmouth County, three full service branches in Union
County, and one full service branch in Middlesex County, New Jersey. The
Company also owns SIB Mortgage Corp. and American Construction Lending
Services (ACLS, Inc.) both wholly owned subsidiaries of SI Bank & Trust. SIB
Mortgage Corp. conducts business under the name "Ivy Mortgage" and has
offices in 27 states. ACLS, Inc. is a wholesale lender specializing in
residential construction and loan products throughout the United States.
On September 30, 2000 the Company had $5.1billion of total assets and $570.4
million of total stockholders' equity.
