Ocean Federal Savings Bank, Toms River, N.J., has a deal to buy the deposits of Summit Bank's Whiting, N.J., branch for an undisclosed price.
Ocean Federal, which has $1.5 billion of assets, would buy 1,900 accounts with $16.8 million of deposits from Hackensack, N.J.-based Summit, which is closing its branch in Whiting.
"We look forward to welcoming these customers to our bank," said John R. Garbarino, chairman, president and chief executive officer of Ocean Federal. "In addition, this transaction will strengthen Ocean Federal's already strong market share in Whiting."
Ocean Federal's Whiting branch has the second-largest market share in the town, behind Sovereign Bancorp of Wyomissing, Pa. It controls about $140 million of deposits, 30% of the town's total.
When this deal closes, expected in June, the bank should assume first place in market share, a company spokesman said.