Susquehanna Bancshares in Pennsylvania is planning to buy a New Jersey-based automobile finance company for about $41 million in stock.
The Lititz-based company said last week that it would exchange about 2.36 million shares of its common stock for Boston Service Co. of Jamesburg, N.J.
Boston Service Co., trading under the name Hann Financial Services, originates and services automobile loans and leases in four states. It services more than $800 million in automobile-related receivables.
Susquehanna, which has $4.3 billion of assets, said it expects Boston Service to be a major source of fee income.
-- Louis Whiteman