First Bank to acquire Grand Bank for $19.4M

Linda Lindner//March 20, 2019//

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Hamilton-based First Bank announced it will acquire Grand Bank, also based in Hamilton, in a stock transaction valued at approximately $19.4 million.

The merger is expected to be completed in the third quarter of 2019 and is subject to the approval of First Bank and Grand Bank shareholders, as well as customary regulatory approvals.

Grand Bank serves its customers and communities through two full-service locations and had assets of approximately $197 million, loans of approximately $163 million and deposits of approximately $162 million at Dec. 31, 2018.

Following the merger, First Bank will have approximately $1.9 billion in assets with 18 branches located in seven New Jersey counties, and two eastern Pennsylvania counties.