The transaction includes the assumption and acquisition of approximately $630 million of deposits and approximately $220 million of consumer and commercial loans, together with the related operations.

Banks avoided a COVID-19 meltdown thanks to their ability to work with borrowers and other customers, and to a healthy dose of federal programs that directed money into the pockets of individuals and businesses. But financial institutions are now facing some other challenges, including the rise of fintechs. Bankers in the Garden State, however, plan to hang tough.

Many New Jersey banks had previously invested in digital services, so “although the pandemic accelerated the shift by three to five years, the changeover went well,” according to NJBankers CEO John McWeeney. “Many people adopted remote banking during the height of the pandemic, and lot of them continue to use it.”