Bank merger could herald new jobs in Hamilton
July 19, 2013 by Mark
The popular Hamilton financial institution First Bank is to double in size, following a merger with Heritage Community Bank.
The news has been confirmed by both banks, which will see Morris County-based Heritage effectively fold into First Bank.
It is very much a move that the CEO of First Bank, Patrick Ryan, is confident will be a good one. Ryan, who is also president of First, said:
“We’re acquiring a bank that does things the same way, looks at similar kinds of customers and has the same lending philosophy.”
He continued to explain that the two banks shared very similar business models. With both focusing on commercial lending to small and medium-sized outfits, Ryan went on to say:
“Our focus is to stick to our knitting and stay with what we know.”
The bank has recently put in an application for a new branch in Somerset.
First has also confirmed that as many of the 30 or so Heritage staff will be invited to stay. One of these will be the Heritage CEO Peter Kenny, who joins the new board. He said it was an ideal partnership.
It is hoped that by doubling its volume, the new bank will now be in a better position to grow more quickly than it has done in the past. With greater compliance at a federal level too, the bigger bank will be able to respond more quickly to increasing regulation.