Somerset Savings Bank to merge with Regal Bancorp in a $58m deal.

Somerset Savings Bank, a financial institution that offers lending, deposit and personalized banking services, agreed to merge with Regal Bancorp, a full service community bank, in a $58m deal. "The merger represents a great opportunity for our shareholders, customers and employees. It will benefit the customers of both institutions, allowing us to offer our commercial lending products and knowledge to Somerset customers, while Regal customers will benefit from Somerset's residential lending products and experience," Thomas Lupo, Regal Bank President and CEO.