SOURCE: First Bank

January 25, 2008 16:50 ET

First Bank Reports Asset and Deposit Growth

MONROE TOWNSHIP, NJ--(Marketwire - January 25, 2008) - First Bank (OTCBB: FRBA), Williamstown, New Jersey, today announced its growth of assets and deposits after eight months of operations. Assets totaled $20.2 million at December 31, 2007, which represented a 27.8% increase over September 30, 2007. Originated loans were $14.5 million at the end of the quarter, an increase of $5.1 million or 54.3% during the 3 months. Customer deposits exceeded $11.2 million with additional deposits in the amount of $3.3 million during the quarter or an increase of 41.8%. The capital of the bank was $7.6 million.

According to President and CEO James Loney, "The increases of our loans and deposits reflect our overall growth strategy. We are very pleased with the reception of the community towards our new bank. The results are really indicative of the support and commitment we received in less than a year. Williamstown is a great area."

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."

Contact Information

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