BCB Bancorp to Acquire New Jersey Rival

BCB Bancorp Inc. in Bayonne, N.J., said Tuesday that it has agreed to acquire Allegiance Community Bank in South Orange, N.J.

Each share of the $121.3 million-asset Allegiance will be exchanged for 0.35 share of BCB common stock. The deal would allow the $1.1 billion-asset BCB to expand into two new markets, the company said.

Two Allegiance representatives would join BCB's board. BCB said it expects to close the deal in the third quarter.

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