Cranbury-based First Constitution Bancorp, parent company of First Constitution Bank, announced today it will acquire and Rumson-Fair Haven Bank & Trust Co. in a sale worth $24.3 million.
Under the terms of the agreement, shares of Rumson common stock will be exchanged in the aggregate for 60 percent cash and 40 percent First Constitution common stock. Each shareholder of Rumson will elect to receive 0.7772 of a share of First Constitution common stock, or $7.50 per share in cash for each common share of Rumson common stock.
The closing is anticipated to occur during the first quarter of 2014, subject to certain conditions. The combined bank is expected to have approximately $1 billion in assets, $532 million in loans, $900 million in deposits and 19 branches in Central Jersey.
Digital content editor Joe Ross is @joeross on Twitter.
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