Independence Community Bancorp (New York) said Monday that it would buy Broad National Bancorp., in Newark, N.J., for $138 million in stock and cash.

The deal for Broad, with $621 million of assets, would mark $5 billion- asset Independence's entrance into New Jersey. The deal is expected to close during the third quarter.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.