×

First Bank Completes Acquisition of Bucks County Bank

HAMILTON, N.J., Sept. 18, 2017 (GLOBE NEWSWIRE) -- First Bank (Nasdaq:FRBA) announced today that it has completed its merger with Bucks County Bank (OTC Pink:BKCS), previously headquartered in Doylestown, Pennsylvania.

The merger was announced on March 29, 2017 and approved during a special meeting of First Bank stockholders on September 13, 2017. Bucks County Bank stockholders also approved the merger during a special meeting held on September 13, 2017. This successful transaction expands First Bank’s Pennsylvania presence through the addition of four full-service locations in Doylestown, Warminster, Bensalem and Levittown, Pennsylvania. As a combined financial institution, First Bank will have approximately $1.4 billion in assets and $1.1 billion in deposits.

“We are pleased to welcome the customers, employees, and stockholders of Bucks County Bank to First Bank as we expand our retail and commercial banking footprint in the greater Bucks County market area,” said Patrick L. Ryan, President and Chief Executive Officer. “Bucks County Bank had established a solid community banking franchise that served its local communities well and we intend to continue this tradition. John Harding, former President and Chief Executive Officer of Bucks County Bank, will remain with First Bank as President of our new Eastern Pennsylvania market area. Under John’s direction, we will continue to focus on relationship lending to quality commercial borrowers, with a particular emphasis on commercial and industrial and owner occupied commercial real estate lending.”

“A strong community banking operation in the Bucks County market is assured by the merger,” stated John Harding. “I am looking forward to helping First Bank continue to build its market share in Pennsylvania.”

In concurrence with the closing of the merger transaction, two former Bucks County Bank directors, John Harding and Christopher Chandor, have been appointed to the Board of Directors of First Bank.

About First Bank

First Bank is a New Jersey state-chartered bank with 14 full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Doylestown, Warminster, Bensalem and Levittown, Pennsylvania. With $1.2 billion in assets as of June 30, 2017, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA”.

Forward-Looking Statements

This press release contains forward-looking statements made pursuant to the safe harbor of the Private Securities Litigation Reform Act of 1995. Statements about First Bank’s expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements may be identified by such forward looking terminology as “should”, “expect”, “look”, “believe”, “view”, opportunity”, “allow”, “continues”, “reflects”, “typically”, “usually”, “anticipate”, “may”, “will”, or similar statements or variations of such terms. There can be no assurance that First Bank’s expectations reflected in such forward-looking statements will be achieved.

Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results. Any forward-looking statements are qualified in their entirety by reference to the factors discussed in the section titled “Risk Factors” in First Bank’s offering circular relating to this offering, including the documents incorporated by reference therein, and other risks described in documents subsequently filed by First Bank from time to time.

Investors are cautioned not to place undue reliance on any forward-looking statements. These forward-looking statements speak only as of the date on which it is made. First Bank assumes no obligation to update or supplement any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulation.

Contact:

Patrick L. Ryan
President and CEO
First Bank
(609) 643-0168
patrick.ryan@firstbanknj.com

Source:First Bank