British Bank to Buy Lender in New Jersey

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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