HAMILTON, NJ--(Marketwired - June 30, 2016) - First Bank (NASDAQ: FRBA) today announced that it has raised $13.7 million in equity, before expenses, through the private placement of 1,890,000 shares of common stock at a price of $7.25 per share. The Bank plans to use the additional capital for general corporate purposes including organic growth initiatives.
President and Chief Executive Officer Patrick L. Ryan discussed the offering: "We are pleased to announce the successful completion of a private placement of our common stock. This new capital will be used to support organic growth opportunities in the markets we serve and further enhance the value of our franchise. With the recent consolidation and resulting dislocation in the Mercer County banking market, we expect significant growth opportunities to emerge for us."
First Bank was advised by Covington & Burling LLP. Sandler O'Neill + Partners, L.P. served as the sole placement agent for the private offering, and was advised by Goodwin Procter LLP.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With $917 million in assets as of March 31, 2016, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia, PA corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol "FRBA".
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 those listed in our Annual Report on Form 10K under the caption "Item 1A-Risk Factors", and general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.