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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