Bank Deals in Calif., N.J. Get Regulatory OK

Two bank deals, one in New Jersey and the other in California, have won regulatory approval and are nearing completion.

Lakeland Bancorp (LBAI) in Oak Ridge, N.J., and Somerset Hills Bancorp (SOMH) in Bernardsville, N.J., will merge their banking units on May 31, they said Monday.

In January the $2.9 billion-asset Lakeland agreed to pay $64.4 million in cash and stock for Somerset Hills, which has $368 million in assets. The two companies received regulatory approval for the deal earlier this month, and both companies' shareholders approved the merger at meetings on May 8.

Additionally, Central Valley Community Bancorp (CVCY) in Fresno, Calif., has received regulatory approval to buy Visalia Community Bank (VSMU) in Visalia, Calif., the two companies said Monday.

Final closing of the acquisition is dependent on the approval of Visalia's shareholders at a meeting scheduled for June 18. Conversion of Visalia's operations to the Central Valley brand will take place the weekend of July 26.

The $889 million-asset Central Valley agreed to pay $22 million in stock and cash for the $203 million-asset Visalia in December. It would be Central Valley's third acquisition in eight years; it bought Bank of Madera County in 2005 and Service 1st Bancorp of Tracy, Calif., in 2008.

The combined company will have 21 branches, all in California.

"The addition of their three offices in Visalia and one in Exeter will allow Central Valley Community Bank to increase our presence throughout California's San Joaquin Valley and will provide long-term opportunities for the businesses, customers, employees, community and our bank in this region," Daniel Doyle, president and chief executive of Central Valley Community Bank, said in a news release.