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Underwriters exercise overallotment in New Jersey-based First Bank's offering

Underwriters for Hamilton, N.J.-based First Bank's public common stock offering exercised their overallotment option, buying an additional 219,298 common shares.

Net proceeds from the completed offering are now roughly $40.0 million, which will be used for general corporate purposes, such as supporting additional growth.

The underwriters' overallotment allowed for the purchase of up to an additional 493,421 common shares.

Sandler O'Neill & Partners LP and Robert W. Baird & Co. Inc. served as joint book-running managers for the offering, while Hovde Group LLC and FIG Partners served as co-managers.