Union Center National Bank is nearing completion of its acquisition of Saddle River Valley Bank.
Union-based Center Bancorp, Union Center National Bank's parent company, said Tuesday it has received approval from the Office of the Comptroller of the Currency to purchase the Saddle River-based bank. The approval marks the last major hurdle in its effort to absorb Saddle River Valley Bank's two branches, in Saddle River and Oakland.
"All of this coincides with our goal to penetrate the Bergen County market with the additional OCC approval for the opening of a banking center in Englewood, New Jersey," said France Delle Donne, Union Center's director of communications and public relations.
The Englewood branch, a new bank, is a commercial lending and private banking office.
Union Center National Bank currently has 12 branches in Union and Morris counties. The Saddle River Valley Bank acquisition was first announced in February.
Once the deal closes, in about two to three weeks, the Saddle River Valley Bank branches will be re-branded as Union Center National Bank branches. Delle Donne said customers have been informed of the changes throughout the process. She said current Saddle River Valley customers will see new product offerings as the result of the acquisition. They'll also have access to a wider network of branch locations.