A suburban Philadelphia thrift has won the bidding for more than $400 million in deposits being divested by Meridian Bancorp.

Valley Forge-based Commonwealth Savings Bank said it had agreed to pay a premium for 11 Meridian branches and deposits totaling about $424 million, but it did not reveal the price. The deal, which is expected to be completed this summer, also includes about $128 million in commercial, consumer, and mortgage loans.

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.