LAKEWOOD, N.J., Oct. 4, 2016 /PRNewswire/ -- First Commerce Bank announced today that effective September 30, 2016, it had successfully completed its most recent common stock capital offering, raising $35,000,000 in new capital at a price of $5.00 per share. Due to overwhelming investor interest in the offering, the offering size had been increased from $25,000,000 to $35,000,000 to accommodate the investor demand.
The President and CEO, C. Herbert Schneider, stated: "We are overwhelmed by the investor interest in our offering. This new capital will increase our ability to service our customers by increasing our lending limit and will continue to support our growth."
Chairman of the Board, Abraham Opatut, added: "We are very thankful for the support we have received from both our current shareholders and our new investors. This new capital will help insure that we continue to exceed all regulatory capital requirements even as we continue our significant growth."
Since January 1, 2011, the Bank's total assets have grown by more than 877%, to $758.4 million at June 30, 2016, while its total loans have grown by 1,161% to $701.3 million at June 30, 2016. Funding these increases, the Bank's total deposits have grown by 1,104% from January 1, 2011, to $670.5 million at June 30, 2016.
First Commerce Bank is a New Jersey chartered commercial bank, headquartered in Lakewood, New Jersey. Through its headquarters and eight branch locations, the Bank serves customers in central New Jersey, Bergen County and Rockland County, New York. The Bank services small to mid-sized business, providing credit and deposit products.
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SOURCE First Commerce Bank