The purchase price to be paid by Regal Bank to New Millennium Bank for its assumption of the deposits and the purchase of assets associated with the latter's branch at 464B Elizabeth Ave., Somerset, N.J., will be a deposit premium of 2.0% of the deposits assumed, according to a regulatory filing recently obtained by S&P Global Market Intelligence.
It is not currently contemplated that Livingston, N.J.-based Regal Bank will acquire any loans as part of the transaction.
Regal Bank intends to combine the branch with its own branch located at 408 Elizabeth Ave. in Somerset, the lease for which is expiring. Regal Bank will not renew the lease. Regal Bank's Somerset branch is about one-half mile away from New Millennium Bank's Somerset branch.
Also, Regal Bank currently maintains an office in Franklin, N.J., about one half of a mile from the branch to be acquired. The lease on that facility is coming due and Regal Bank does not intend to renew that lease. Instead, it will combine its existing branch location with New Millennium Bank's Somerset branch.