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First Bank Closes First Round of Capital Offering Raising $3.7 million in Common Equity;; Announces Management Successio

^{Published on 2012-10-15 12:15:47 - Market Wire}
 

First Bank Closes First Round of Capital Offering Raising $3.7 million in Common... -- HAMILTON, N.J., Oct. 15, 2012 /PRNewswire/ --

HAMILTON, N.J., Oct. 15, 2012 /PRNewswire/ -- First Bank (OTC BB:FRBA) today announced it raised $3.7 million in new common equity capital as part of its current capital offering.  The first round of the capital offering closed on September 30, 2012.  The final round of the capital offering will be closed by October 31, 2012.  The $3.7 million in new capital equates to approximately 714,614 new shares or 89% of the total maximum 800,000 shares allowed in the offering.  The Bank expects that the capital offering will be fully subscribed.

The Bank also unveiled its management succession plan for 2013.  Mr. Paul E. Fitzgerald , currently President and CEO, will be appointed Vice Chairman of the Board and will be succeeded by Patrick L. Ryan , currently Executive Vice President and COO.  Mr. Ryan was one of the leaders of the investment group that conducted the change-in-control recapitalization of First Bank in October 2008.  Mr. Ryan has been the Executive Vice President and a member of the Board of Directors since that time. 

About First Bank

First Bank ([ www.firstbanknj.com ]) is a New Jersey, state-chartered bank, which conducts its business with four full-service branches in Ewing, Hamilton, Lawrence, and Williamstown, New Jersey. With $328 million in assets as of September 30, 2012, First Bank offers a range of deposit and loan products to individuals and businesses in its Central and Southern New Jersey markets. First Bank's common stock is quoted on the OTC Bulletin Board under the symbol "FRBA." 

This news release contains certain forward-looking statements either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the Bank's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

SOURCE First Bank of New Jersey