Center Bancorp (CNBC) in Union, N.J., has agreed to buy ConnectOne Bancorp (CNOB) in Englewood Cliffs, N.J.

Center will pay about $243 million ConnectOne, which just held its initial public offering last year. The company will have $3 billion in assets, $2.3 billion in deposits and 24 branches when the deal is completed. The transaction is expected to close by the third quarter.

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