EDISON, N.J. -- Crestmont Financial Corp. said its shareholders have approved the $1 billion-asset company's merger agreement with Summit Bancorp.
Crestmont's principal operating unit, Crestmont Federal Savings and Loan Association, will merge into Summit (N.J.) Bank, giving the combined entity more than $5 billion of assets and 90 branches.
All regulatory approvals have been received, and the companies expect to complete the transaction this month.