Lakeland Bancorp (LBAI) in Oak Ridge, N.J., has agreed to buy Somerset Hills Bancorp (SOMH) in Bernardsville, N.J.

Lakeland will pay $64.4 million for Somerset Hills, with 90% of the consideration involving stock. The deal values Somerset Hills' at about $12 a share, or a 31% premium compared to the company's closing price on Monday.

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