Deal Details
Follow-on Offering
Summary
Baird served as a joint bookrunner on this offering
About
First Bank (“First Bank” or the “Company”) (NASDAQ: FRBA) recently completed a follow-on offering of 3,508,772 shares of common stock at a price of $11.40 per share, generating gross proceeds of $40.0 million. The Company intends to use the net proceeds from the offering for general corporate purposes, including the support of additional growth.First Bank, a state-chartered bank, is a growth-oriented commercial bank with nine full-service branches located in New Jersey and one branch in Eastern Pennsylvania. First Bank offers traditional deposit and loan products to individuals, businesses, and governmental-entities located throughout New Jersey, with a particular focus on the corridor between New York City and Philadelphia. As of March 31, 2017, the Company had $1.1 billion of assets, $905 million of net loans and $934 million of deposits, and generated $7 million of net income during the last twelve month period ended March 31, 2017. First Bank is headquartered in Hamilton, New Jersey.
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- Date
- May 2017
- Company
- First Bank
- Transaction
- M&A
- Sectors
- Technology & Services
- Target Geography
- North America
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