Lehman to Buy Capital Crossing

Capital Crossing Bank (CAPX Quote) agreed to be acquired by a unit of the investment bank Lehman Brothers (LEH Quote).

Under the terms of the agreement, Lehman will pay $30 in cash for each Capital Crossing share, representing a premium of around 11.7%. The deal is worth about $210 million.

Lehman expects to close the acquisition in the first quarter.

"We are extremely excited about a combination with Lehman Brothers," said Richard Wayne, president and co-chief executive of Capital Crossing. "We have partnered with Lehman Brothers on loan purchase transactions for quite some time, and believe that a combination of our platform, people and expertise with their balance sheet and brand equity will take our business to the next level."