LAWRENCEVILLE, N.J. -- First Fidelity Bancorp. said it has completed the acquisition of First Inter,Bancorp of Fishkill, N.Y., and its subsidiary, Mid-Hudson Savings Bank, for $56 million in cash.
Under the terms of the previously announced transaction, holders of First Inter-Bancorp common stock will receive $24.20 in cash for each share, or 132% of First Inter-Bancorp's book value at June 30. Mid-Hudson Savings Bank has $504 million in assets, $450 million in deposits, and 16 branch offices in Dutchess, Ulster, Orange and Putnam counties in New York State. The operation brings First Fidelity Bank of New York to about $3 billion in assets. The holding company has $34 billion in assets and 650banking offices in five states.