In Brief: Second Deal in 2 Months for Valley of N.J.

Published December 03, 2004, 2:00 a.m. EST

Updated December 02, 2004, 7:07 p.m. EST

1 Min Read

Valley National Bancorp of Wayne, N.J., said Thursday that it had agreed to buy the $425 million-asset Shrewsbury State Bank, also of New Jersey.

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Valley is to pay $136 million in stock and cash for the privately held Shrewsbury and would enter Monmouth County by buying it. Shrewsbury State has 12 branches in the county. The deal is scheduled to close in the first quarter.

Last month the $10.6 billion-asset Valley National agreed to pay $141 million for Norcrown Bank of Livingston, N.J. Norcrown operates 12 branches in Essex, Hudson, and Morris counties.

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