Highlands Bancorp (HSBK) in Vernon, N.J., has agreed to buy Secured Lending Solutions, a mortgage banking company in Glen Rock, N.J.
The $200 million-asset Highlands did not disclose the price it expects to pay for the lender, which specializes in one-to-four family loans and reverse mortgages, and operates in northern New Jersey and southern New York.
Its president, Michele Luff, will remain in place following the acquisition, Highlands said. The deal is pending regulatory approvals.
"Highlands' strategic plan has been to offer excellent residential mortgage products to our customer base, and bringing [Secured Lending Solutions] into our company enables us to provide the customers in our market area with competitive mortgage products delivered with the kind of service both we and our customers expect," said George Irwin, Highlands' chief executive, in the news release.
Highlands was founded in 2005, and in 2008 it completed a merger of equals with Noble Community Bank in Sparta, N.J.