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Jan. 29, 2013, 9:27 AMThere's more M&A action in the community banking sector, where Somerset Hills Bancorp (SOMH) agrees to a $12/share buyout offer from Lakeland Bancorp (LBAI). Somerset's last reported book value/share was $7.79, so the deal is getting done at 1.54X book ... nice. Somerset +28% premarket. (PR) | Comment!
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Lakeland Bancorp Inc, through its subsidiary offers lending services to small and medium-sized businesses, professionals and individuals. It operates 52 banking offices, located in Bergen, Essex, Morris, Passaic, Somerset, Sussex, Union & Warren counties.
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