Greater Community Bancorp, Totowa, N.J., has a deal to buy First Savings Bancorp of Little Falls (N.J.) Inc. for $23 million in stock.

The price is 2.22 times First Savings' book value and 25 times its first six months of 1998 earnings.

First Savings is the holding company for a $180 million-asset thrift with three branches in northeastern New Jersey. The deal calls for the thrift to be merged into $360 million-asset Greater Community's Great Falls Bank subsidiary.

The deal is expected to close during the first quarter of 1999.

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