Hamilton-based First Bank recently announced the closing of its public offering of 3,289,474 shares of its common stock at a price to the public of $11.40 per share. The gross proceeds of the offering, before deducting underwriting discounts and commissions and other offering expenses, are approximately $37.5 million. All of the shares sold in the offering were offered by First Bank. In addition, First Bank has granted the underwriters a 30-day over-allotment option to purchase up to an additional 493,421 shares of its common stock.
First Bank intends to use the net proceeds from the offering for general corporate purposes, including the support of additional growth.
First Bank is a New Jersey state chartered bank with 10 full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset, Williamstown, and Trevose, Pennsylvania. With $1.1 billion in assets as of March 31, 2017, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor.Related Articles: