Short Takes: Bank to Sell Through Thrift It Is Buying

First Source Bancorp of Woodbridge, N.J., plans to offer mutual funds and annuities to customers of a local thrift it agreed to buy July 9.

The $100 million deal for Pulse Bancorp of South River, N.J., is expected to close Dec. 31, and the products would be available "as soon as practical" after that, said John P. Mulkerin, president of First Source.

First Source, which has $1.2 billion of assets, has sold fixed annuities for about six years and added variable annuities and mutual funds roughly two years ago. They are offered through its subsidiary, First Savings Bank, which has 17 branches in New Jersey. Essex Corp., a New York-based third- party marketing firm, provides all the products and marketing services.

Pulse, which has $540 million of assets, does not sell investment products, Mr. Mulkerin said.

The offerings include mutual funds and variable annuities from Putnam Investments and OppenheimerFunds, and fixed annuities from American General, John Hancock Mutual Life, Hartford Financial Services, American Express Co., and American International Group.