First Source Bancorp Thursday said that it has agreed to acquire Pulse Bancorp, South River, N.J., for $100 million in stock.

To complete the deal, First Source would issue about 10 million shares of its common stock, valued at 2.2 times Pulse's book value.

Pulse, parent of Pulse Savings Bank, has $540 million of assets and five branches in central New Jersey, with a sixth scheduled to open this winter. The acquisition is expected to close by the end of the fourth quarter.

First Source, which has about $1.2 billion of assets, operates 17 branches in New Jersey.

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