Two New Jersey banks owned by the $14.9 billion-asset Fulton Financial Corp. in Lancaster, Pa., said Wednesday that they intend to merge.
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Somerset Valley Bank in Somerville and Skylands Community Bank in Hackettstown, which have a combined $1.2 billion of assets, said they expect to improve their efficiency when they begin operating as one company in the second quarter. They will use the Skylands name.
Michael Halpin, Skylands' president and CEO, would be the chairman and CEO of the new company. Paul Stahlin, Somerset's president and CEO, would become the president.
Somerset has 12 branches in Somerset, Middlesex, and Hunterdon counties, and Skylands has 12 offices in Warren, Sussex, and Morris counties.
