American Bancorp of New Jersey shareholder drops ownership interest to 4.87% ahead of proposed merger

By Lisa Kerner

Charlotte, N.C., Dec. 31 - Investors led by Seidman and Associates, LLC sold 87,842 shares of American Bancorp of New Jersey for a total of $1.01 million between Dec. 22 and Dec. 30.

The shares were priced from $11.3388 to $11.6751 each, according to a schedule 13D/A filed with the Securities and Exchange Commission.

Seidman beneficially owns 539,085 shares, or 4.87%, of the Bloomfield, N.J.-based bank holding company's outstanding stock.

As previously reported, Investors Bancorp, Inc. agreed to acquire American Bancorp of New Jersey in a stock-and-cash transaction valued at $12.50 per share, or $140 million.

American Bancorp stockholders may elect to receive either 0.9218 shares of Investors Bancorp common stock or $12.50 in cash for each American Bancorp share, subject to proration, a prior company news release said.

The transaction is expected to close in the second quarter of 2009.

Investors Bancorp, located in Short Hills, N.J., is a holding company for Investors Savings Bank, a New Jersey chartered savings bank.

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