PRINCETON, N.J. - UJB Financial Corp. said it will acquire Flemington (N.J.) National Bank and Trust Co. for $47.9 million in stock.
Flemington has $288 million of assets and eight community banking offices in Hunterdon County.
With the acquisition, UJB Financial said it will capture the top market share position in Hunterdon, ranked 14th nationally and fourth in New Jersey in per capita income among counties.
UJB recently acquired Bancorp New Jersey. The combination of Flemington National and Bancorp deposits will give UJB a 24% share of bank deposits in Hunterdon, the bank said.
The transaction is expected to be completed in the first quarter of 1996, subject to shareholder and regulatory approvals, and the market price of UJB stock at the time the exchange ratio is determined.
Based in Princeton, UJB has $15.9 billion in assets and 278 offices in New Jersey and Pennsylvania.