Investment Banking - New Jersey Community Bank
Transactions | Banking
Client: New Jersey Community Bank
Transaction Type: Mergers & Acquisitions
Role: Sell-Side Advisor
- New Jersey Community Bank, (NJCB) is a state-chartered commercial bank headquartered in Freehold, New Jersey. The Bank opened for business in July 2008 and operates two full-service banking offices in Monmouth County, New Jersey. The Bank provides traditional commercial and retail banking services to small businesses and consumers.
- 1ST Constitution Bancorp, (FCCY) through its primary subsidiary, 1st Constitution Bank, operates 18 branch banking offices in Cranbury, Fort Lee, Hamilton, Hightstown, Hillsborough, Hopeell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Rocky Hill, Princeton, Rumson, Fair Haven, Shrewsbury, Little Silver and Asbury Park, New Jersey. 1st Constitution Bank also operates two residential mortgage loan production offices in Forked River and Jersey City, New Jersey.
- NJCB will be acquired by FCCY, with FCCY the surviving entity in a transaction valued at approximately $7.6 million. The transaction, approximately $4.00 per share, includes approximately $2.40 in FCCY stock, $1.60 in cash, subject to an adjustment. The stock portion of the deal is subject to a fixed exchange ratio of 0.1333x when FCCY trades between $17.10 and $18.90 per share and a floating ratio outside of this range subject to a maximum ratio of 0.1425x.
- The acquisition closed Q1 2018.
- Boenning served as financial advisor to and issued a fairness opinion to New Jersey Community Bank.