One of the leading local banks in our region has announced the acquisition of seven branches of Sun National Bank. Sturdy Savings Bank announced that it has entered into a purchase and assumption agreement to acquire the seven branches of Sun Bank located in Cape May and Atlantic counties. The acquired branches currently have $182 million in total deposits. The acquisition by Sturdy Savings Bank is subject to regulatory approval from the FDIC and the New Jersey Department of Banking and Insurance. The acquisition is expected to be completed during the first quarter of 2015.
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