UJB Financial Corp. announced a major reorganization on Wednesday that will result in a work force reduction of 7%, a consolidation of its New Jersey and Pennsylvania bank subsidiaries, and a more concentrated focus on small business lending and mortage banking.

The Princeton, N.J.-based company, the subject of intense takeover rumors for the past year, expects the program to improve profitability and operating efficiencies, said chairman and chief executive T. Joseph Semrod.

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