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British Bank to Buy Lender in New Jersey

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From Reuters

National Westminster Bank PLC said Wednesday that it is buying Ultra Bancorp Inc., the holding company for the First National Bank of Central Jersey, for $282 million in cash, extending the British bank’s hold in the region.

The purchase is the second of a New Jersey banking group by Britain’s biggest commercial bank. Natwest said the purchase continued its strategy of building a regional bank network in the strong economy of the northeastern United States.

The deal will expand its U.S. retail network to 285 branches.

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