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The boards of Glen Rock, N.J.-based Glen Rock Savings Bank ($135.8 million) and West Orange, N.J.-based Llewellyn-Edison Savings Bank FSB ($121.9 million) approved an agreement pursuant to which Llewellyn-Edison Savings Bank will be merged into Glen Rock Savings Bank, according to a March 12 news release.
No consideration will be exchanged as this is a merger of mutuals.
SNL valuations for bank and thrift targets in the mid-Atlantic region between March 12, 2014, and March 12, 2015, averaged 138.07% of book, 145.64% of tangible book and had...