HAMILTON, N.J., May 30, 2017 (GLOBE NEWSWIRE) -- First Bank (NASDAQ:FRBA) announced today 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.
Sandler O’Neill + Partners, L.P. and Robert W. Baird & Co. Incorporated acted as joint book-running managers for the offering. Hovde Group, LLC and FIG Partners acted as co-managers.
This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the securities, which is being made only by means of an offering circular, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction. The securities are neither insured nor approved by the Federal Deposit Insurance Corporation.
About First Bank
First Bank is a New Jersey state chartered bank with ten full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, 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.