FIG Has Completed 119 M&A Transactions Totaling More Than $8 Billion
ATLANTA, March 20, 2019 — First Bank (Nasdaq Global Market: FRBA) and Grand Bank, N.A. have announced a merger agreement valued at approximately $19.4 million.
Grand Bank, headquartered in Hamilton, New Jersey, is a full-service community bank with two locations. The bank had total assets of $197 million, loans of $163 million and deposits of $162 million at December 31, 2018.
With the addition of Grand Bank, First Bank will have $1.9 billion in assets with 18 branches located in seven New Jersey counties and two Pennsylvania counties.
Grand Bank shareholders will receive 3,262.956 shares of First Bank common stock per each Grand Bank common share outstanding in an all-stock exchange.
First Bank expects to issue approximately 1.7 million new shares of First Bank common stock to complete this transaction.
“This strategic transaction strengthens our market position and deposit share in our core Central New Jersey marketplace, while complementing our strong organic growth strategy,” said Patrick L. Ryan, President and Chief Executive Officer of First Bank. “This merger is another example of the high-quality and low-risk transactions we are using to accelerate our growth rate, solidify market position and expand our service area.”