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1st Constitution, New Jersey Community adjust deal's stock exchange ratio

1st Constitution Bancorp will pay 0.1309 common share for each share of New Jersey Community Bank stock, based on the Cranbury, N.J.-based buyer's average closing price of $19.25.

The exchange ratio was originally estimated at 0.1333, subject to adjustment. Cash will be paid in lieu of fractional shares, and the cash portion of the consideration is still $1.60 per New Jersey Community share.

Regulators have already approved the acquisition; New Jersey Community shareholders will vote on it March 22. The merger is expected to close in the second quarter.