Sign in Subscribe
Banking industry

United National Bancorp Completes Acquisition of Raritan Bancorp Inc.

Strategic Insights

— 1 min read

United National Bancorp, a $2 billion asset commercial bank holding company, has completed its acquisition of Raritan Bancorp Inc., a $435 million asset bank holding company headquartered in Bridgewater, New Jersey. The acquisition, which was approved by shareholders of both companies, has added Raritan Savings Bank's seven offices to United National's network of 35 offices throughout New Jersey. With the acquisition, United National now has a significant presence in Somerset and Hunterdon counties, two of the fastest-growing counties in the state.

Key Takeaways:

  • United National Bancorp has completed its acquisition of Raritan Bancorp Inc., a $435 million asset bank holding company.
  • The acquisition adds Raritan Savings Bank's seven offices to United National's network of 35 offices throughout New Jersey.
  • United National now has a significant presence in Somerset and Hunterdon counties, two of the fastest-growing counties in the state.
  • The acquisition is expected to be accretive to earnings in 1999 and offer opportunities for cross-selling of products.
  • Under the terms of the agreement, each share of Raritan common stock is to be exchanged for 1.595 shares of United National stock.
  • United National Bancorp is a $2 billion asset commercial bank holding company with 35 offices throughout New Jersey.
  • The company provides a complete range of personal and business banking services, as well as an array of trust and investment services.

Statistics:

  • United National Bancorp has $2 billion in assets.
  • Raritan Bancorp Inc. has $435 million in assets.
  • United National operates 35 offices throughout New Jersey.
  • Raritan Savings Bank has seven offices in New Jersey.
  • Somerset County is one of the fastest-growing counties in New Jersey, with a population growth rate of 16.1% from 1980 to 1990.
  • Hunterdon County is also one of the fastest-growing counties in New Jersey, with a population growth rate of 14.1% from 1980 to 1990.
  • United National expects the acquisition to be accretive to earnings in 1999.

Sources:

  • United National Bancorp press release, March 31
  • Raritan Bancorp Inc. press release, March 31
  • "U.S. Bureau of the Census, 1990 Census of Population and Housing"

(http://www.census.gov/prod/www/population.html)

  • United National Bancorp website, http://www.united-national.com

Read more