OAK RIDGE, N.J. (AP) — Two New Jersey-based banks are merging.
Lakeland Bancorp is acquiring Bernardsville-based Somerset Hills Bancorp as part of a deal valued at $64 million, or $12 a share.
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Lakeland has 46 offices in Bergen, Essex, Morris, Passaic, Sussex and Warren counties.
Somerset Hills Bank operates six offices in Somerset, Morris and Union counties. Those offices would be folded into Lakeland once the merger is completed.
The deal, which must be approved by regulators, is expected to close later this year.
