Investment Banking - First Bank
Transactions | Other Financial Services
Client: First Bank
Industry: Other Financial Services
Transaction Type: Branch Acquisition
Role: Buy-Side Advisor
First Bank to Acquire Two Branch Locations in
Central New Jersey Region
- First Bank (NASDAQ: FRBA) is a New Jersey state-chartered bank with 16 full-service branches in Cinnaminson, Cranbury, Delanco, Denville, Ewing, Flemington, Hamilton, Lawrence, Pennington, Randolph, Somerset, and Williamstown, New Jersey; and Doylestown, Trevose, Warminster, and West Chester, Pennsylvania. With $2.4 billion in assets as of June 30, 2021, First Bank offers a full range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor.
- OceanFirst Financial Corp. (NASDAQ: OCFC) is the bank holding company for OceanFirst Bank, N.A. Founded in 1902, OceanFirst Bank is an $11.5 billion regional bank providing financial services throughout New Jersey and in the major metropolitan markets of Philadelphia, New York, Baltimore, Washington D.C., and Boston. OceanFirst Bank delivers commercial and residential financing, treasury management, trust and asset management, and deposit services and is one of the largest and oldest community-based financial institutions headquartered in New Jersey.
- The purchase and assumption agreement provides for First Bank to acquire the owned premises and equipment, and all deposits associated with the branches which total approximately $124 million as of June 30, 2021, as well as selected performing loans totaling approximately $14 million as of June 30, 2021. The assets will be acquired at book value except for the owned premises, which will be acquired at appraised value. The deposits will be acquired for a 2% premium.
- The transaction is expected to close in the fourth quarter of 2021.
- Boenning is serving as financial advisor to First Bank.