Hubco Inc. said late Tuesday that it has a deal to buy Little Falls Bancorp for $55 million in cash and stock.

The price is 1.5 times Little Falls' book value and 24 times earnings.

Little Falls, based in the small New Jersey town of that name, is the parent of Little Falls Bank, a $341 million-asset thrift with six branches. Hubco is the $6.8 billion-asset parent of banks in New Jersey, Connecticut, and New York.

Each Little Falls share would be swapped for 0.65 shares of Hubco common stock, $20.64 in cash, or a mix of stock and cash. The deal is expected to close in the second quarter.

Little Falls had announced plans in August to combine with Skylands Community Bank of Hackettstown, N.J., in a merger of equals. That deal, then valued at $39 million, was called off in November, because the stock of both companies had fallen more than 20%.

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