Deal Profile – 1ST Constitution Bank
Relevant Statistics: |
Deposit Liabilities Transferred: $110 million |
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Background: |
On December 31st, 2010,1ST Constitution announced it will acquire the deposit liabilities of three Amboy Bank branches for cash, with an option to purchase certain loan relationships associated with three branch offices on or before closing, as well as the acquisition of the real estate on which the acquired branches are located. Closing is expected in the first quarter of 2011. |
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Investment Banking Role: |
Raymond James provided strategic advisory services to 1ST Constitution Bancorp in connection with this transaction. Raymond James served as financial advisor in the transaction |
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Strategic Rationale: |
A successful outcome of the acquisition will lead to an enhanced overall footprint of 1ST Constitution’s retail branch banking network in Mercer and Somerset Counties, and is in line with the institution’s long term strategic plan. A large proportion of non interest bearing and consumer savings deposit accounts that would be acquired would further complement 1ST Constitution’s already favorable core deposit mix. Following a successful outcome,1ST Constitution’s total assets is expected to rise to approximately $800 million. |
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1ST Constitution Bancorp (“the Company”) is the parent holding company of 1ST Constitution Bank (“the Bank”). Established in 1989, The Bank operates 12 branches throughout central New Jersey. The Bank offers a fundamental approach to small business banking, commercial and residential mortgage origination and retail banking focused on personal service, technological support and innovative customer centered products. The Company's common stock is traded on the Nasdaq Global Market under the symbol “FCCY.”