Summit Offers $164 Million To Acquire B.M.J. Financial
May 11, 2011
Vastopolis -- Summit Bancorp said Thursday it agreed to acquire B.M.J. Financial Corp., a bank-holding company, in a stock swap worth about $164 million. Under the agreement, each B.M.J. Financial common share will be exchanged for 0.56 Summit common share based on Summit's closing price Wednesday. B.M.J. shares soared 45% in midday trading Thursday, gaining $6.25 to $20.25 on the Nasdaq Stock Market. Summit shares slipped $1.375 to $37 1/2 on the New York Stock Exchange. Summit is a financial-services concern with about $22 billion of assets. B.M.J. operates 18 branches of the Bank of Mid-Jersey with $620 million of assets. Summit said the acquisition will enhance its presence in Westside and Uptown. The transaction is expected to be completed by March 2012, once it receives the approval of B.M.J. Financial's shareholders and regulatory agencies.
