Roma Bank (ROMA), 2300 Route 33, Robbinsville 08691; 609-223-8200; fax, 609-223-8303. Peter Inverso, president. Home page: www.romabank.com.
Roma Financial, the holding company for Roma Bank, has agreed to buy troubled Mount Laurel-based Sterling Banks Inc. for $14.7 million.
Sterling, which ran into trouble with spot construction loans for individuals building a house, was forced last year by the Federal Reserve Bank of Philadelphia to boost its loan loss reserves. But while Roma reported a $2.6 million profit in 2009, Sterling reported a loss of $9.6 million. According to the Philadelphia Inquirer, Sterling head nearly $379 million in assets at year’s end and the two banks now hold $1.7 billion in assets and $1.3 billion in deposits.
Sterling has 10 branches in Burlington and Camden counties. Roma has 14 location in Mercer, Burlington, and Ocean counties.
