SADDLE BROOK, N.J -- Interchange Financial Services Corp.'s banking subsidiary, Interchange State Bank, has acquired a portfolio of performing commercial mortgages with an outstanding value of $30.5 million at a purchase discount of $5 million. The portfolio is concentrated substantially in New Jersey properties and the transaction was effective June 30, 1994.
"Because of the discount we received, we should not have to increase the allowance for loan and lease losses for this acquisition," said Anthony S. Abbate, president. "The portfolio is fairly liquid with the bulk maturing in less than four years," he added. The acquisition brings Interchange's loan-to-deposit ratio from approximately 57% to more than 70%.