United Roosevelt Savings Bank in Carteret, N.J., has agreed to buy Wawel Financial Services in Garfield, N.J.
The $98 million-asset United Roosevelt said in a press release Monday that it will pay about $4.4 million, or $5.25 a share, in cash for the $73 million-asset parent of Wawel Bank. The deal is expected to close in the first quarter.
United Roosevelt said it expects the deal to be accretive to its earnings in the first year after the acquisition closes.
United Roosevelt will have three branches, $163 million assets, $122 million in loans and $145 million in deposits when the deal closes.
"This acquisition provides United Roosevelt with an excellent opportunity to expand in a strong northern New Jersey market." Kenneth Totten, the company's president and chief executive, said in the release.
P&G Associates and Stevens & Lee advised United Roosevelt. Sandler O'Neill and Windells Marx Lane & Mittendorf advised Wawel Financial.