First Bank (FRBA.PK), 2465 Kuser Road, Hamilton 08690; 609-528-4400; fax, 609-587-8353. Patrick L. Ryan, COO. www.firstbanknj.com.
Mercer County-based First Bank has agreed to merge with Heritage Community Bank headquartered in Randolph. The combined entity will have over $500 million in assets with seven branches in three counties in the state.
“We are extremely excited about this combination with Heritage Community Bank,” stated First Bank president and CEO Patrick L. Ryan. “HCB’s focus on relationship lending to quality commercial borrowers, with a particular emphasis on commercial and industrial lending, fits perfectly with the First Bank model. Furthermore, we love the demographics of HCB’s markets. Morris County, with strong income, growth, and density characteristics, presents an attractive opportunity for us. With our currently pending new Somerset branch, we believe Morris County is a natural extension.”
Peter Kenny, president and CEO of Heritage, will join First Bank as an employee and a board member. At least one additional director from Heritage will be added to the First Bank Board of Directors.
First Bank has four full-service locations in Ewing, Hamilton, Lawrence, and Williamstown. First Bank has assets of $373 million, loans of $280 million and deposits of $331 million as of March 31, 2013.