HAMILTON, NJ--(Marketwired - December 13, 2013) - First Bank (FRBA) today announced that it has received approval from the State of New Jersey Department of Banking and Insurance and the Federal Deposit Insurance Corporation for the proposed merger with Heritage Community Bank. The merger is subject to a number of conditions including the approval by the First Bank and the Heritage Community Bank shareholders. Both companies plan to schedule shareholder meetings during February, 2014. The closing of the transaction is anticipated to take place during the first quarter of 2014.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey, state-chartered bank with five full-service branches in Ewing, Hamilton, Lawrence, Somerset and Williamstown, New Jersey. With $426 million in assets as of September 30, 2013, First Bank offers a traditional range of deposit and loan products to individuals and businesses in its Central and Southern New Jersey markets. First Bank's common stock is quoted on the NASDAQ Global Market under the symbol "FRBA".
About Heritage Community Bank
Heritage Community Bank (www.heritagecbnj.com) is a New Jersey, state-chartered bank with three full-service branches, two in Randolph and one in Denville, New Jersey. With $139 million in assets as of September 30, 2013, Heritage Community Bank offers a traditional range of deposit and loan products to individuals and businesses in its Morris County markets.
This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond First Bank's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.