Why bank M&A is flourishing in the Garden State. Sept. 4, 2019

September 4, 2019

https://www.americanbanker.com/news/why-bank-m-a-is-flourishing-in-the-garden-state?tag=00000151-16d0-def7-a1db-97f03ca50000

New Jersey was a hotbed of merger activity this summer.

Five banks in the Garden State agreed to be sold between June and August, including Stewardship Financial, Two River Bancorp and Bancorp of New Jersey. Valley National Bancorp’s pending $744 million purchase of Oritani Financial, announced in late June, is this year’s seventh-biggest bank deal.

The deals accounted for 7% of all bank mergers announced over the summer. The only states with more deals over that time were Illinois, with nine mergers, and Texas, which had eight, based on data compiled by S&P Global Market Intelligence.

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