First Bank Announces Agreement to Acquire Grand Bank, N.A.
First Bank (FRBA)
Last first bank earnings: 4/27 04:30 pm
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Source: GlobeNewswire
HAMILTON, N.J., March 19, 2019 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) and Grand Bank, N.A. announced today that they have entered into a definitive merger agreement pursuant to which First Bank will acquire Grand Bank in a stock transaction valued at approximately $19.4 million. The merger has been unanimously approved by the boards of directors of both institutions and is expected to be completed in the third quarter of 2019, subject to the approval of First Bank and Grand Bank shareholders, as well as customary regulatory approvals. Grand Bank is headquartered in Hamilton, New Jersey, and serves its customers and communities through two full-service locations. Grand Bank had assets of approximately $197 million, loans of approximately $163 million and deposits of approximately $162 million at December 31, 2018. Following the merger, First Bank will have approximately $1.9 billion in assets with 18 branches located in seven New Jersey counties and two eastern
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