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Richard J. Lambert was named by Best Lawyers® as a 2021 Corporate Law “Lawyer of the Year.”

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New Jersey banks announce merger

Businesses big and small are almost always looking for new ways to grow into successful companies. While many small businesses may think that mergers and acquisitions are only for large corporations, they should know that this is not always the case. Small business mergers are an important way that many companies choose to grown and fulfill their business goals.

In New Jersey a merger between two local banks has recently been announced. It is the most recent in a series of mergers between local community banks. In this instance, Heritage Community Bank will be acquired by First Bank of Hamilton in a $5.8 million deal. Under the terms of the agreement, 875,251 shares of stock will be issued by First Bank and given to shareholders of Heritage — a privately held bank.

Once the acquisition is completed, the new entity will have seven bank branches in New Jersey. There are no immediate plans to combine existing branches, and First Bank anticipates that most of Heritage’s 30 existing employees will keep their jobs following the merger.

Furthermore, following the acquisition the new bank will have an estimated $500 million in assets. It will continue to serve small and medium sized businesses throughout New Jersey. Company executives claim that the move will allow the new bank to lend more money to customers.

While the negotiations are complete, the deal is still contingent upon approval from both the banks’ shareholders and from regulators. Without these important approvals the deal could fall through.

Businesses big and small in New Jersey can use mergers and acquisitions to their advantage. By increasing capital, customers and resources, businesses can ensure their success in the future. However, careful planning and execution is necessary to make sure these deals close.

Source: The Star-Ledger, “Two New Jersey banks announce merger,” Ed Beeson, July 14, 2013

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