Investors Bancorp has agreed to acquire The Bank of Princeton in a stock-cash deal worth $154m.

Under the terms of the deal, The Bank of Princeton will merge with and into Investors Bank, which is a wholly-owned subsidiary of Investors Bancorp. Sixty percent of The Bank of Princeton’s common shares will be converted into Investors Bancorp common stock, with the remaining to be exchanged for cash.

Following completion of the deal, Investors Bancorp will include about $22bn in assets, and will offer retail and commercial banking services through 156 branches across the Philadelphia to New York City corridor.

Post acquisition, Investors Bancorp will create an advisory board that will include certain members of The Bank of Princeton’s board of directors.

The deal has already secured the go-ahead from the boards of directors of both companies. It is expected to close in the fourth quarter of 2016, subject to regulatory and shareholder approvals.

Investors Bancorp president and CEO Kevin Cummings said: "This merger will establish an important presence for Investors Bank in Princeton and will introduce us to the Philadelphia market. It will also add scale to our current Mercer County markets."

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The Bank of Princeton managed assets of $1bn, loans of $842m and deposits of $820m as of 31 March 2016.