First Bank announced that after the close of business on April 30, it completed its merger with Delanco Bancorp, Inc. and its wholly-owned subsidiary Delanco Federal Savings Bank (Delanco), both previously headquartered in Delanco.
The merger was approved at the annual meeting of First Bank stockholders on April 24. Delanco Bancorp, Inc. stockholders also approved the merger during a special meeting held on April 24, 2018. This successful transaction expands the bank’s New Jersey presence through the addition of two full-service locations in Delanco and Cinnaminson. The combined financial institution will have approximately $1.6 billion in assets and $1.3 billion in deposits.
“We are pleased to welcome the customers, employees, and stockholders of Delanco to First Bank as we expand our retail and commercial banking footprint in Burlington County,” said Patrick L. Ryan, president and chief executive officer. “Delanco established a solid community banking franchise that served its local communities well and we intend to continue this tradition. James Igo, former chairman, president and chief executive officer of Delanco, will remain with First Bank as our Southern New Jersey regional president. Under his direction, we will continue to focus on relationship banking to quality consumer and commercial customers.”
“This merger assures a strong community banking operation in the Burlington County market,” stated James Igo. “First Bank shares our values of great customer service and commitment to the community. I am looking forward to helping First Bank continue to build its market share in Southern New Jersey.”
To access more business news, visit njbmagazine.comRelated Articles: