New Jersey

Quarterly profit at CIT Group plunged after the in Livingston, N.J., company recorded $167 million in charges tied to its discontinued reverse-mortgage servicing unit.

Valley National Bancorp in Wayne, N.J., reported higher quarterly profit because of loan sales and increases in other fees.

The $2.1 billion-asset company said in a press release Tuesday that its second-quarter earnings rose 4.7% from a year earlier to $3 million, or 16 cents a share.

OceanFirst Financial in Toms River, N.J., has agreed to buy Ocean Shore Holding in Ocean City, N.J.

Community banks are stepping up efforts to raise cheap capital to fuel loan growth, make acquisitions and redeem pricier sources of funds.

First Bank in Hamilton, N.J., has raised $13.7 million by selling common stock.

Berkshire Hills Bancorp in Pittsfield, Mass., has agreed to buy First Choice Bank in Lawrenceville, N.J.

OceanFirst Bank in Toms River, N.J., now has extra reason to cheer for the Monmouth University men’s basketball team that was in the running for an NCAA tournament berth last season.

Peapack-Gladstone Financial in Bedminster, N.J., is considering additional acquisitions in wealth management after raising $50 million in subordinated debt.

State student loan authorities sense a business opportunity helping graduates who are gainfully employed lower their payments. Their low-cost funding could put them in competition with banks and marketplace lenders.