1st Constitution Bancorp to Acquire Amboy Bank's Hillsborough Branch
 

In addition, the following information was made available by Amboy Bank on Jan. 14th regarding the acquisitions.

1. Amboy Bank recently agreed to sell to 1ST Constitution Bank its Rocky Hill, Hillsborough and Hopewell branch banking offices.

2. 1st Constitution Bank is headquartered in Cranbury NJ, and is a community bank with its branches being primarily in Mercer, Middlesex and Somerset counties.

3. It is anticipated that all three Amboy branches will join 1st Constitution Bank after the close of business on Friday, March 25, 2011.

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1st Constitution Bank, a New Jersey-based subsidiary of 1ST Constitution Bancorp, has entered into purchase and assumption agreement to acquire all of the deposit liabilities, real estate, and related assets of the Rocky Hill, Hillsborough and Hopewell, New Jersey branch banking offices of Amboy Bank.

1ST Constitution will acquire the deposit liabilities of the purchased branches for cash, with an option to purchase certain loan relationships associated with three branch offices, on or before closing.

1ST Constitution will pay a deposit premium of $5.25m, subject to certain adjustments, for approximately $110m of deposit liabilities.

The agreement also provides for the acquisition of the real estate on which the acquired branches are located for cash in the amount of $4.6m.

Upon completion of the agreement, 1ST Constitution Bank is expected to have total assets of approximately $800m.

1ST Constitution Bancorp had total assets of $692.5 million, and through its primary subsidiary, 1ST Constitution Bank, operates twelve branch banking offices in Cranbury (two), Fort Lee, Hamilton, Hightstown, Jamesburg, Lawrenceville, Montgomery, Plainsboro, Perth Amboy, Princeton, and West Windsor, New Jersey.

The transaction is expected to close during the first quarter of 2011, subject to regulatory approval and certain closing conditions.