Roma Financial Corp. in Robbinsville, N.J., announced Thursday that it has agreed to acquire the struggling Sterling Banks Inc. of Mount Laurel, N.J., for $14.7 million in cash, or $2.52 per share.
The deal would allow the $1.3 billion-asset Roma to expand in Burlington and Camden counties. The transaction is expected to close in the third quarter.
However, it hinges on the $380 million-asset Sterling's maintaining its current condition in the months leading up to the deal's closing. According to a press release, the common equity must not be less than $9.9 million and its nonperforming assets must not exceed $30 million. At Dec. 31 the company had common equity of $15 million and nonperforming assets of $23.9 million, or 6.13% of total assets.