SOURCE: First Bank

July 09, 2008 14:50 ET

First Bank Reports Record Asset and Deposit Growth

MONROE TOWNSHIP, NJ--(Marketwire - July 9, 2008) - First Bank (OTCBB: FRBA), Williamstown, New Jersey, today announced its growth of assets, loans and deposits after fourteen months of operations. Assets totaled $31.7 million at June 30, 2008, which represented a 58.5% increase over December 31, 2007. Loans outstanding were $26.0 million at the end of the quarter, an increase of $11.7 million or 81.8% during the first half of this year. Customer deposits exceeded $19.5 million, an increase in the amount of $8.3 million since December 31, 2007 or 74.1%. The capital of the bank remained strong at $7.1 million.

According to President and CEO James Loney, "The increases of our loans and deposits reflect our overall growth strategy as a community bank. Our new branch location here in Williamstown directly reflects on our commitment to the area. The community is excited about opening our first full service permanent location. Plans are being developed with our expectation to relocate next to the Library IV restaurant off of Lake Avenue by the end of this year. We are extremely pleased by the community's acceptance of our new bank. The results are really indicative of that support and commitment we have received in the past fourteen months. Additionally, we are just as excited about our re-capitalization plan to raise between $15 and $30 million dollars in new capital for us. This will allow us to open at least 2 new branch locations in Mercer County. We expect that this new capital will be included in our September financials."

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

    James Loney
    President and CEO
    Ernest D. Huggard
    Senior Vice President, CFO
    (856) 728-3400