Hamilton-based First Bank announced Monday it has completed its merger with Heritage Community Bank.
According to the announcement, shareholders of both banks approved the merger at a special meeting last week. First bank issued 875,251 shares of its common stock to Heritage shareholders, at an exchange rate of one Heritage share for every 0.4535 shares of First Bank.
"The closing of the merger represents another step in our continued growth, and we remain excited about our prospects in an industry where headwinds are subsiding and renewed consolidation should create additional expansion opportunities." Patrick L. Ryan, First Bank's president and CEO said in a prepared statement. "We believe Morris County will be a great market for our brand of relationship banking."
As a result of the merger, First Bank will takeover three Heritage branches in Morris County, two in Randolph and one in Denville. The company will operate eight branches in total throughout New Jersey.
"A strong community banking operation in the Morris County market is assured by the merger, and I look forward to helping First Bank continue to build out its commercial lending platform," Peter Kenny, former president and CEO of Heritage bank stated in the release.
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