First Bank Opens New Branch in Hamilton, New Jersey

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Nov 30, 2011, 10:15 ET

HAMILTON, N.J., Nov. 30, 2011 /PRNewswire/ -- First Bank (OTC BB: FRBA) (www.FirstBankNJ.com) today announced the opening of a new full-service banking location at 2465 Kuser Road, Hamilton, New Jersey. This new location marks the fourth banking facility for the Bank. First Bank now has three locations in Mercer County and one location in Gloucester County.

This new branch will allow the company to continue with its organic growth plans by attracting additional deposit and loan customers to the Bank. Since the recapitalization in late 2008, the bank has generated an impressive record for growth having increased deposits by $189 million to $222 million and increasing assets by $187 million to $250 million.

President and Chief Executive Officer Paul E. Fitzgerald discussed the new location, "We are very excited about this new location. We were able to re-open a very successful branch of the former Yardville National Bank, and we expect we will be able to attract many of the old customers back to this very convenient location. In fact, we even have some of the original staff working at this branch, including our branch manager Kim Dargay."

Executive Vice President and Chief Operating Officer Patrick L. Ryan commented, "This location fits perfectly with our strategic expansion goals. It is a highly visible location that provides First Bank excellent coverage of the eastern part of Mercer County. Additionally, it fits with our plans for smaller, lower-cost locations. We believe we will be able to expand in a strategic way to meet the needs of our customers without taking on all the overhead costs that many existing banks are saddled with. Lower branch overhead will translate into better rates for our customers and better returns for our shareholders."

First Bank reported a net profit for the third quarter of 2011 of $440,000. Their book value was $5.65 per share at September 30, 2011 and all regulatory capital levels remained well in excess of regulatory requirements.

About First Bank

First Bank (www.FirstBankNJ.com) is a New Jersey, state-chartered bank, which conducts its business with four full-service branches in Ewing, Hamilton, Lawrence, and Williamstown, New Jersey. First Bank has $250 million in assets and offers a range of deposit and loan products to individuals and businesses in its Central and Southern New Jersey markets. First Bank's common stock is quoted on the OTC Bulletin Board under the symbol "FRBA."

This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the company's control and could impede its ability to achieve these goals. These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, and results of regulatory exams, among other factors.

SOURCE First Bank