Center Bancorp Inc. in Union, N.J., said Friday that it has a deal to buy Beacon Trust Co. in Madison, N.J., for $10.3 million in cash and stock.
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The privately held Beacon Trust, with managed assets of $1.3 billion, would become a subsidiary of Center and keep its name and management team.
Center is the $1 billion-asset parent company of Union Center National Bank, which has 15 branches.
The Beacon deal was announced Friday. It is expected to close in the second or third quarter and be accretive to Center's earnings in the first year. Center agreed to pay $5.6 million in cash and $4.7 million in stock.
