NJBIZ Recognizes 10-Branch Community Bank as “Fast 50” Honoree for Growth
CRANBURY, N.J.—Sept. 29, 2016— Joining an elite class of New Jersey companies, First Bank has been named one of NJBIZ’s Fast 50 for its business growth in the past three years.
“We have worked hard to grow and create a company that we can all be proud of,” said Patrick L. Ryan, First Bank’s CEO. “To be honored with this recognition really validates all the time and effort put forth by our team of more than 100 employees. Growth is never easy, especially when the state and local economies are stuck in neutral. Nevertheless, as this award shows, our old-fashioned recipe of ethics, integrity and customer service still works.”
First Bank, with a location at 2664 Route 130 in Cranbury, is a 10-branch community bank that offers traditional deposit and loan banking services for individuals, families and commercial clients while focusing on building meaningful, lasting relationships in the communities it serves. The bank has nine branches throughout New Jersey and one in Trevose, Pennsylvania.
“We are extremely excited about this wonderful recognition,” Ryan added. “As a New Jersey-based company, we appreciate being recognized by NJBIZ, the premier business resource in the state.”
First Bank and 49 other honorees will be formally recognized, along with the rankings revealed, during an awards ceremony on Thursday, Nov. 10, 2016 at The Palace at Somerset Park in Somerset, New Jersey. The annual award given by NJBIZ, the state’s leading business journal since 1987, celebrates Garden State businesses that have demonstrated tremendous growth during the past three years.
First Bank prides itself on being a true community bank headquartered in Mercer County. “Recent changes in the marketplace, such as the pending buyouts of The Bank of Princeton and First Choice Bank, along with the recent sale of Hopewell Valley Community Bank, have created growth opportunities for us,” Ryan said. “Community investment and support is one of our core values and we understand our markets better than anyone because we live here, work here, volunteer here and play here. This enables us to keep banking local and help the local economies grow by supporting community businesses with relationship-based banking.”
Community banks make up 20 percent of the assets in the industry, but provide 50 percent of the loans to small businesses, according to Federal Reserve data.
Relationship-based banking is driving growth at First Bank. At the end of the second quarter this year, First Bank reported an increase of 92.9 percent in net income and a 38 percent rise in loan growth.
To learn more about First Bank, visit firstbanknj.com.
About First Bank
First Bank (www.firstbanknj.com) is a New Jersey state-chartered bank with 10 full-service branches in Cranbury, Denville, Ewing, Flemington, Hamilton, Lawrence, Randolph, Somerset and Williamstown, New Jersey, and Trevose, Pennsylvania. With assets of $971 million as of June 30, 2016, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the NASDAQ Global Market under the symbol “FRBA.”