Business
First Bank Completes Acquisition of Two Former OceanFirst Branch Locations Strengthening its Central New Jersey Presence
Acquisition includes approximately $101 million in deposits and $11 million of loans HAMILTON, N.J. and RED BANK, N.J., Dec. 06, 2021 (GLOBE NEWSWIRE) --
About this update from First Bank
[{"type":"text","content":"Acquisition includes approximately $101 million in deposits and $11 million of loans\nHAMILTON, N.J. and RED BANK, N.J., Dec. 06, 2021 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) and OceanFirst Bank, N.A. (“OceanFirst Bank”), the banking subsidiary of OceanFirst Financial Corp. (“OceanFirst”) (NASDAQ: OCFC), announced the completion of their previously disclosed agreement, through which First Bank has acquired two New Jersey branch locations from OceanFirst Bank. As part of the acquisition, which was completed at the close of business on December 3, 2021, First Bank also acquired approximately $101 million of associated deposits and $11 million of select performing loans. Located in Flemington and Monroe, the two branches enhance First Bank’s existing Central New Jersey footprint and further strengthen its presence along the New York City to Philadelphia corridor. “We are very pleased to welcome our newest customers and employees to First Bank as we continue to grow our presence in Central New Jersey,” said Patrick L. Ryan, First Bank President and Chief Executive Officer. “With added scale and additional relationship-based low-cost core funding, we see excellent opportunities for long-term value creation through this latest transaction. I want to thank our entire First Bank team, including our newest colleagues in Flemington and Monroe, for providing a seamless transition for all of our newly acquired customers.” The $23 million reduction in deposit balances between the original announcement date and closing date can be categorized as follows: approximately $15 million in deposit balances from accounts intentionally removed from the acquisition list, $6 million in account balances that fluctuated lower over the period, and $2 million from accounts that were closed. Accounts were intentionally removed to minimize post-closing run-off. Conversion of the branches began Friday, December 3, 2021, and continued through the weekend, with both locations reopening on Monday, December 6, 2021 as First Bank branches. About First Bank First Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington (2), Hamilton, Lawrence, Monroe, Pennington, Randolph, Somerset and Williamstown, New Jersey; and Doylestown, Trevose, Warminster and West Chester, Penns...