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New Jersey Banks to Merge
New Jersey banks Provident Financial Services (PFS Quote) and First Sentinel Bancorp(FSLA Quote) said Monday that they will merge in a $642 million stock and cash deal.
Under terms of the deal, First Sentinel's shareholders can receive either 1.09 shares of Provident's common stock, $22.25 in cash, or a combination of cash and stock. The price represents a premium of 18.5% over First Sentinel's closing stock price of $18.78 on Dec. 19. ...
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