First Citizens Bank, a unit of Raleigh-based First Citizens BancShares, has agreed to acquire certain assets and liabilities of Harvest Community Bank (HCB) of Pennsville, New Jersey.

The deal includes four HCB branches in the Salem County communities of Pennsville, Pilesgrove-Woodstown, Elmer and Salem, which will now reopen as branches of First-Citizens Bank & Trust Company.

HCB has now been closed and placed under the receivership of the Federal Deposit Insurance Corporation (FDIC).

First Citizens said that HCB customers can continue banking as usual at their existing branches, and deposits will continue to be insured by the FDIC.

First Citizens Bank chairman and CEO Frank Holding Jr. said: “We welcome the customers of Harvest Community Bank to First Citizens. We have more than a century of serving the financial needs of our customers, and we’re a bank people trust for delivering an exceptional banking experience.

“This agreement continues our company’s growth through mergers and acquisitions, and we look forward to a smooth transition in New Jersey.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

HCB managed about $126.4m in total assets and $123.8m in total deposits.

Under the arrangement, First Citizens Bank can now purchase any owned bank premises or to assume the leases on any or all of the banking offices. First Citizens was selected to complete this transaction through a competitive bidding process.