RIDGEWOOD, N.J. - Ridgewood Financial Inc. said Tuesday that it had approved a deal to sell itself to Boiling Springs Bancorp of Rutherford and effectively terminated one made in August to sell to Provident Savings Bank in Jersey City.
Ridgewood said it informed Provident late Monday that it expects to sign an agreement Thursday with Boiling Springs, which has agreed to pay $26.9 million, or $18 a share, for the $282 million-asset parent of Ridgewood Savings Bank of New Jersey.
Susan E. Naruk, president of Ridgewood, said the company's board "considers Boiling Springs to be a superior offer."
Kevin J. Ward, chief operating and financial offer of Provident, said the thrift, which is entitled to a $1 million breakup fee, has no plans to make a counteroffer. "We thought $15 was a full-value offer, and we are not prepared to pay more."