Credit: Google Maps
A New Jersey bank is purchasing a Doylestown-based bank with a location in Bristol Township.
First Bank announced Thursday that they are merging with Bucks County Bank, which is based in Doylestown and has branches Bensalem, Warminster and near Five Points in Bristol Township’s Levittown section.
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The purchase and merger is valued at $27.2 million and is expected to be completed in the third quarter.
“First Bank is an ideal partner for us,” Bucks County Bank CEO and President John Harding said. “We have similar business models, similar relationship-lending philosophies, and a similar emphasis on community relations in our markets. Plus, the enhanced risk diversification and larger lending limit will allow us to expand our coverage area and attract new customers.”
First Bank has nine branches in New Jersey and one in Bensalem.
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First Bank President and CEO Patrick L. Ryan said that Bucks County presents an “attractive growth opportunity for us.”
“Growth in Bucks County has been an important strategic priority, and this merger creates immediate critical mass in the market,” he said.
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Harding will continue as market president and a board member after the merger, First Bank officials said.
Bucks County Bank had approximately $198 million, loans of $179 million and deposits of $145 million by the end of 2016. First Bank had $1.1 billion in assets as of December 31, 2016.
