Lakeland Bancorp to acquire Somerset Hills Bank

Lakeland Bank acquiring Somerset Hills Bank in $64 million deal

Associated Press

OAK RIDGE, N.J. (AP) -- Lakeland Bancorp Inc. is acquiring Somerset Hills Bancorp as part of a deal valued at $64 million, or $12 a share.

Lakeland has 46 offices in Bergen, Essex, Morris, Passaic, Sussex and Warren counties in New Jersey.

Somerset Hills Bank operates six offices in Somerset, Morris and Union counties in New Jersey. 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.

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