HAMILTON, N.J., Nov. 7, 2017 /PRNewswire/ -- For the second year in a row, First Bank has been named one of NJBIZ's Fast 50 for its business growth over the past three years.
"As we continue to build our retail and commercial banking footprint, we have worked hard to create a community bank that feels like a good neighbor to our customers," said Patrick L. Ryan, First Bank's CEO. "It is such an honor to be named one of New Jersey's 50 Fastest Growing Companies because we put so much work, time and energy into creating a business that listens to the needs of its customers. Earning an award like this shows what all of that hard work can achieve."
First Bank is a 14-branch community bank with $1.4 billion in assets and $1.2 billion in deposits as of September 30, 2017. The bank offers traditional deposit and loan banking services for individuals, families and commercial clients. The bank has approximately 147 employees working throughout New Jersey in Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties, as well as in Bucks County, Pennsylvania.
In October, First Bank announced it has entered into a definitive agreement to acquire Delanco Bancorp, Inc., headquartered in Delanco, New Jersey. The transaction, which will expand First Bank's footprint into Burlington County, New Jersey, is expected to close in the first quarter of 2018 and will add two full-service locations in Delanco and Cinnaminson.
In September, First Bank completed its merger with Bucks County Bank, adding branches in Levittown, Doylestown, Warminster and Bensalem, Pennsylvania. First Bank opened its first branch in Trevose, Pennsylvania in May 2015.
On May 30, 2017 First Bank completed a public offering of 3,289,474 shares of its common stock at a price of $11.40 per share. The underwriters exercised in part their overallotment option on June 6, 2017. The aggregate gross proceeds of the offering was approximately $40 million before deducting underwriting discounts, commissions and other offering expenses. This successful public offering follows the June 2016 private placement of common stock raising $13.7 million before deducting underwriting discounts, commissions and other offering expenses and the April 2015 completion of a private placement of subordinated debentures of $22.0 million. First Bank uses capital raised for general corporate purposes, organic growth initiatives and merger and acquisition opportunities.
"We will continue to focus on relationship lending to quality commercial borrowers," added Ryan, "with a particular emphasis on commercial/industrial and owner-occupied commercial real estate."
First Bank and 49 other honorees will be formally recognized, along with its ranking, during an awards ceremony on Tuesday, November 14 at The Palace at Somerset Park in Somerset, New Jersey. The annual award given by NJBIZ celebrates Garden State businesses that have demonstrated tremendous growth during the past three years.
To learn more about First Bank, visit firstbanknj.com.
About First Bank
First Bank (www.firstbanknj.com) 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, as well as Levittown, Doylestown, Warminster, Bensalem and Trevose, Pennsylvania. With approximately $1.4 billion in assets as of September 30, 2017, First Bank offers a traditional range of deposit and loan products to individuals, families 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."
Greta Cuyler, Creative Marketing Alliance
SOURCE First Bank