PRINCETON, N.J. - Carnegie Bancorp and Regent Bancshares, Philadelphia, have agreed to a merger of equals to create a $500 million- asset bank based in Princeton.

Under the agreement, the two banks will merge and conduct business under the name Carnegie Regent Bank from branches in Philadelphia and six New Jersey communities.

The merger, which is still subject to shareholder and regulatory approval and is intended to be tax free, is expected to be completed by the end of the first quarter of 1996.

Carnegie had $227 million in assets at July 31, with $20 million in net worth. Regent had $251 million in assets and a net worth of $16 million at July 31.

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