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By Marilyn Alva
Investor's Business Daily
In New York's consolidating banking environment, Staten Island Bancorp Inc. has found that one island isn't enough to accommodate it anymore.
So it's eyeing growth across the bay in New Jersey. Last year the company spent $84 million to buy Howell, N.J.-based First State Bank, which brought aboard $327 million in deposits. It also forked over $2.4 million to buy four Unity Bank branches in New Jersey's Union and Middlesex counties.
Why the eagerness to broaden geographically?
"Staten Island is fully banked," said James Coyle, Staten Island Bancorp's president, referring to the fierce competition in New York City's fastest-growing borough.
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