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New Jersey banks move toward merger

Buying a company is one of the most complex businesses agreements that a business can enter into. Mergers and acquisitions require thoughtful planning, expert execution and careful oversight in order to be successful.

One proposed New Jersey merger is moving toward completion. The merger between Somerset Hills Bancorp and Lakeland Bancorp is moving forward after announcing that they have received some of the regulatory approval necessary to complete the merger. Officials from Lakeland recently announced that the New Jersey Department of Banking and Insurance has approved the proposed merger. This merger will include all of the banks’ subsidiaries.

While the Department of Banking and Insurance’s approval is an important step for the banks, it is not the only approval they will need. The banks have said that they think further approval will be forthcoming, but until they get all necessary regulatory approval the deal cannot move forward.

Regulatory compliance and approval is just one step in a successful merger or acquisition. Prior to this step, businesses must actually negotiate the terms of the transaction. These deals are extremely complex to negotiate because there are so many interests at play. While one business may be looking to expand, another may looking for some much needed capital and another still might be forced into making a deal to avoid financial ruin.

If these deals are not carefully planned and negotiated from the beginning of the process, problems can arise further down the line — including problems with getting the necessary governmental approvals. Therefore, those businesses considering a merger or acquisition need to ensure they understand everything that must be included in the agreement from the start.

Source: NJBIZ, “N.J. regulators approve Lakeland, Somerset Hills merger,” Joe Arney, May 7, 2013

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