Continuing to expand northward, First Fidelity Bancorp. on Monday said it will buy Greenwich Financial Corp., a thrift holding company with $412 million of assets based in Connecticut's affluent Fairfield County.

First Fidelity, New Jersey's largest banking company, said it would pay $41.9 million in cash, or 1.26 times book value, for Greenwich Financial. The thrift's lead subsidiary, Greenwich Federal Savings and Loan, operates seven offices in and around Greenwich and Stamford,

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.