Glen Rock Savings Bank in Glen Rock, N.J., has agreed to buy Llewellyn-Edison Savings Bank in West Orange, N.J.
The banks did not disclose the price Glen Rock would pay for Llewellyn-Edison, though the deal is set to close by the end of this year. The merger will create a mutual savings bank with $257 million in assets, $205 million in deposits and $139 million in loans.
The merger "allows Glen Rock Savings to extend our commitment to outstanding financial services to additional communities in northern New Jersey," Henry Ingrassia, Glen Rock's president and chief executive, said in a press release Thursday. "We look forward to bringing even greater resources to an expanded customer base."
Glen Rock was advised by Luse Gorman. Llewellyn-Edison was advised by McCarter & English.