Davis Polk is advising Gotham Bank of New York in connection with its sale to Provident Bank in an all-cash transaction. The aggregate purchase price payable by Provident Bank will be equal to 125% of the adjusted tangible net worth of Gotham Bank as of a date shortly prior to the closing date. The transaction is expected to be completed in the third quarter of 2012.

Headquartered in midtown Manhattan, Gotham Bank is a community commercial bank that provides a variety of personalized banking products to its customers. Provident Bank, headquartered in Montebello, New York, specializes in the delivery of banking services to customers within the greater New York City marketplace.

The Davis Polk corporate team includes partner Joseph Rinaldi and associates Brian Wolfe and Daniel R. Marx. The financial institutions team includes partner John L. Douglas and associate Brandon Smith. The tax team includes partner Michael Mollerus and associate Ethan R. Goldman. Associate David R. Bauer is providing intellectual property advice. Associate Andrew Blau is providing benefits advice. All members of the Davis Polk team are based in the New York office.