EGG HARBOR, N.J. -- Collective Bancorp said it has acquired White Horse Federal Federal Savings and Loan Association from the Resolution Trust Corp.

White Horse's two offices opened Saturday as branches of the $3.8 billion-asset Collective FEderal Savings Bank, which assumed $38.5 million in deposit liabilities and bought $3.8 million in assets, primarily cash, cash equivalents, and share loans.

Collective Federal paid a $2.3 million deposit premium, received $32.4 million from the RTC, and was granted an option to buy certain real property and fixed assets of White Horse.

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