Lakeland Bancorp said Monday that it has a deal to acquire High Point Financial Corp., Branchville, N.J., for $68 million in stock.
High Point is the parent of National Bank of Sussex County, a $253 million-asset bank with nine branches in northern New Jersey. Lakeland, with $517 million of assets, is the holding company of Lakeland Bank and Metropolitan State Bank.
The agreement, which is expected to close during the second quarter, calls for Lakeland to exchange 1.2 shares of its common stock for each share of High Point. The combined company would have 27 branches in five northern New Jersey counties.
In late trading Monday, shares of Lakeland stock were up 25 cents, to $15.75, while High Point was up $2.3125, to $15.6875.