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New Jersey-based First Bank completes common stock offering

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New Jersey-based First Bank completes common stock offering

Hamilton, N.J.-based First Bank completed its previously announced public offering of 3,289,474 shares of its common stock priced at $11.40 apiece.

The company received gross proceeds of roughly $37.5 million from the offering. Net proceeds will be used for general corporate purposes, including support of additional growth.

Underwriters were given a 30-day overallotment option to purchase 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.