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.”
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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.