Union Center National Bank today announced the completion of its purchase of Saddle River Valley Bank, which combined with a new Englewood branch set to open this fall, will give Union Center a physical presence and higher visibility in Bergen County.
The $1.4 billion-asset Union Center National Bank, based in Union, was founded in 1923. The $10 million, all-cash acquisition of Saddle River Valley Bank — which brings two branches, in Oakland and Saddle River; $85.6 million in deposits; and $87.2 million in loans and securities — "represented a great opportunity to establish a visible presence in Bergen County," said Anthony C. Weagley, CEO. The acquisition brings the bank to a total of 14 branches in Union, Morris and Bergen counties.
Spokeswoman France Delle Donne said several of Union Center's senior lenders "have very strong connections in Bergen County, and already serve a large number of clients. It just made sense for us to have a physical presence there." The new branch in Englewood, at 12 E. Palisades Ave., will open in September and be headed by Susan Fetner, vice president and branch manager, who will be joined by William Boylan and Nick Anthony, senior vice presidents and commercial lenders.
Weagley said the initiative reflects "our company's continued strategy of highly focused growth and our desire to build a quality franchise in Bergen County."