August 2, 2011 / 10:00 PM / 6 years ago

UPDATE 1-Fulton Financial to merge two New Jersey banks

* To merge The Bank, Skylands Community Bank

* Combined bank to be called Fulton Bank of New Jersey

* Merger expected to close in Q4 (Follows alerts)

Aug 2 (Reuters) - U.S. regional bank Fulton Financial Corp said it will merge two of its banking units to strengthen its presence in New Jersey.

Post-merger, the Mt Laurel-based The Bank and the Chester-based Skylands Community Bank will combine to become the “Fulton Bank of New Jersey” with assets of $3.5 billion.

Angela Snyder, CEO of The Bank, will become CEO of the combined bank and Steve Miller, president of Skylands Community Bank, will be the chief operating officer.

The transaction is expected to be completed during the fourth quarter of 2011.

“Fulton Bank of New Jersey will enable customers to more easily access all of our banking services throughout New Jersey and our ATMs in Pennsylvania and Delaware through our largest subsidiary, Fulton Bank N.A,” Fulton Financial Chief Executive Scott Smith said in a statement.

The Bank currently has 48 branches and Skylands has 27 offices.

Shares of the Lancaster, Pennsylvania-based Fulton Financial closed at $10.04 on Tuesday on Nasdaq. (Reporting by Rachel Chitra in Bangalore; Editing by Roshni Menon)

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