Regal Bank in Livingston, N.J., has agreed to buy Community First Bank in Somerset, N.J.
The $373 million-asset Regal said in a press release Tuesday that it will pay about $10 million in cash and stock for the $98.5 million-asset Community First. The transaction is expected to close in the first quarter.
"Regal Bank has had great success over the past 8 years with its organic growth,” David Orbach, the bank’s chairman, said in the release. “We feel that this transaction, and hopefully future ones, will greatly complement the successes we have had thus far."
Regal will enter New Jersey’s Union and Somerset counties with the deal. Pete Schoberl, Community First’s chairman, president and chief executive, will join Regal’s management team.
The Kafafian Group and Windels Marx Lane & Mittendorf advised Regal. Sandler O’Neill and Giordano, Halleran & Ciesla advised Community First.