EDISON, N.J. -- Crestmont Financial Corp. said its shareholders have approved the $1 billion-asset company's merger agreement with Summit Bancorp.

Crestmont's principal operating unit, Crestmont Federal Savings and Loan Association, will merge into Summit (N.J.) Bank, giving the combined entity more than $5 billion of assets and 90 branches.

All regulatory approvals have been received, and the companies expect to complete the transaction this month.

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