First Bank to acquire Grand Bank for $19.4M
First Bank and Grand Bank, announced that they have entered into a definitive merger agreement pursuant to which First Bank will acquire Grand Bank in a stock transaction valued at approximately $19.4M. The merger has been unanimously approved by the boards of directors of both institutions and is expected to be completed in the Q3, subject to the approval of First Bank and Grand Bank shareholders, as well as customary regulatory approvals. Grand Bank is headquartered in Hamilton, New Jersey, and serves its customers and communities through two full-service locations. Grand Bank had assets of approximately $197M. According to terms of the agreement, Grand Bank shareholders will receive 3,262.956 shares of First Bank common stock per each Grand Bank common share outstanding in an all-stock exchange. First Bank expects to issue approximately 1.7M new shares of First Bank common stock to consummate this transaction.