Independence Community Bank Corp. of Brooklyn said Tuesday that it has struck a deal to buy Statewide Financial Corp. of Jersey City for $108 million in stock and cash.
Statewide, with $717 million of assets, has 16 offices in three northern New Jersey counties. The acquisition is expected to be completed in the fourth quarter.
The deal calls for $5.3 billion-asset Independence to trade 4.16 million of its common shares for half of Statewide's and pay $51 million for the rest.
It is Independence's second deal in New Jersey. On Feb. 1 the company said it would buy Broad National Bancorp in Newark for $138 million in stock and cash. The two deals would give Independence $1.3 billion of assets and 32 branches in New Jersey.