PRINCETON, N.J. - UJB Financial Corp. said it has completed its acquisition of Bancorp New Jersey, based in Somerville.
Bancorp has $506 million in assets and $451 million in deposits, and operates 12 banking offices - nine in Somerset County, two in Hunterdon County, and one in Mercer County.
UJB will nearly double its deposits in Somerset County with the acquisition, moving up to second place in market share, the bank said.
The Bancorp merger will also give UJB Financial entry into Hunterdon County. In the latest per capita income rankings by county, Somerset County ranked fifth in the nation and Hunterdon 15th. UJB said it already ranks second in market share in Mercer County.
Under the terms of the January agreement, 60% of Bancorp's shares will be exchanged for 1.5441 shares of UJB common stock and 40% of Bancorp's shares will be exchanged for $43.10 in cash. The transaction will be accounted for as a purchase.
UJB Financial has $15 billion in assets and 266 offices throughout New Jersey and eastern Pennsylvania.