Chemical Banking Corp. plans to sell its southern and central New Jersey system as a single, $3.5 billion asset bank, rather than auctioning the branches and assets piecemeal, market sources said.

The preliminary bids, which Chemical has already received, are well in excess of $550 million, compared to a tangible book value of about $250 million, the sources said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.