SOURCE: First Bank

October 17, 2007 16:00 ET

First Bank Reports Asset and Deposit Growth

MONROE TOWNSHIP, NJ--(Marketwire - October 17, 2007) - First Bank (OTCBB: FRBA), Williamstown, New Jersey, today announced its growth after 5 months of operations. Assets totaled $15.8 million on September 30, 2007, which represented a 29.6% increase over June 30, 2007. Originated loans were $9.4 million at the end of the quarter, an increase of $2.2 million or 30.7% during the 3 months. Customer deposits totaled $7.9 million with additional deposits in the amount of $3.8 million during the quarter or an increase of 92.7%. The capital of the bank was $7.8 million.

According to President and CEO James Loney, "The gains reflect our overall growth strategy. We are very pleased with the reception of the community towards our new bank. The results are indicative of the support and commitment we received in only 5 months."

First Bank commenced operations on April 23, 2007 at its office at 1229 South Black Horse Pike (Route 322), Williamstown, New Jersey. In addition, the bank opened a loan administration office also in Williamstown. First Bank is a full service commercial bank, with an emphasis on providing personal and business financial services to individuals and small to mid-sized businesses in Gloucester, Atlantic and Camden Counties in New Jersey. First Bank's deposits are insured up to the maximum legal amount by the Federal Deposit Insurance Corporation (FDIC). First Bank's common stock is traded on the Bulletin Board Market under the symbol "FRBA."

FORWARD-LOOKING STATEMENTS

Statements about the company's expectations, including future revenues and earnings, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as the term is defined in the Private Litigation Reform Act of 1995. Actual results could differ materially from expected results. The company undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances. Should events occur which materially affect any comments made within this press release, the company will appropriately inform the public.

Contact Information

  • FOR FURTHER INFORMATION CONTACT:
    James Loney
    President and CEO
    Ernest D. Huggard
    Senior Vice President, CFO
    (856) 728-3400