Investment Banking - First Bank
Transactions | Banking
Client: First Bank
Transaction Type: Mergers & Acquisitions
Role: Buy-Side Advisor
First Bank Agrees to Acquire Grand Bank, N.A.
- First Bank (“FRBA”) is a New Jersey state-chartered bank with 12 full-service branches located in New Jersey and 4 in Pennsylvania. FRBA had approximately $1.7 billion in assets, $1.4 billion in loans, $1.4 billion in deposits and $195 million in common equity as of December 31, 2018.
- Grand Bank, N.A. (“Grand”) is headquartered in Hamilton, New Jersey, and serves its customers and communities through two full-service locations in Mercer County. Grand had approximately $197 million in assets, $163 million in loans, $162 million in deposits and $22 million in common equity as of December 31, 2018.
- Grand shareholders will receive a fixed exchange of shares of FRBA common stock per each Grand common share outstanding in an all-stock exchange. FRBA expects to issue approximately 1.7 million new shares of FRBA common stock to consummate this transaction. Based upon FRBA’s March 19, 2019 closing price of $11.43 per share, the transaction is valued at approximately $19.4 million in aggregate deal value. This deal value equates to approximately 87.5% of Grand’s tangible book value as of December 31, 2018.
- The transaction closed in the third quarter of 2019.
- Boenning is served as financial advisor to FRBA.