This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

First Bank To Acquire Heritage Community Bank In Deal Combining New Jersey Commercial Lenders

Stocks in this article: FRBA

First Bank (OTC BB:FRBA) announced today that it has entered into a definitive merger agreement with Heritage Community Bank (HCB) headquartered in Randolph, New Jersey. The combined entity will have over $500 million in assets with 7 branches in three counties in New Jersey.

According to terms of the Agreement, HCB shareholders will receive 0.4534 shares of FRBA stock in an all-stock exchange, subject to adjustment based on HCB’s shareholders equity as of the month-end prior to closing. Assuming Heritage satisfies the minimum shareholders equity requirement outlined in the agreement, First Bank expects to issue 875,251 new shares to consummate this transaction. HCB will be merged into First Bank, and the transaction is expected to be a tax-free exchange with respect to the stock consideration received by the shareholders of HCB. The merger has been unanimously approved by the boards of directors of both companies. The transaction is subject to closing conditions typical of merger transactions, including approval by the respective shareholders and bank regulatory authorities.

“We are extremely excited about this combination with Heritage Community Bank,” stated First Bank President and CEO Patrick L. Ryan. “HCB’s focus on relationship lending to quality commercial borrowers, with a particular emphasis on commercial and industrial (C&I) lending, fits perfectly with the First Bank model. Furthermore, we love the demographics of HCB’s markets. Morris County, with strong income, growth, and density characteristics, presents an attractive opportunity for us. Heritage has created a platform that can become a real engine for growth and profitability as we leverage the improved infrastructure and administration capabilities of the combined franchise. Together with our currently pending new Somerset branch, we believe Morris County is a natural extension of our market.”

Peter Kenny, President and CEO of Heritage, will be joining First Bank as an employee and a Board member. At least one additional director from Heritage will be added to the First Bank Board of Directors. “First Bank is an ideal partner for us,” Kenny said. “We have similar business models, similar relationship-lending philosophies, and a similar emphasis on community relations in our markets. Plus, the enhanced risk diversification and larger lending limit will allow us to expand our coverage area and attract new customers.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs