LAKEWOOD, N.J., March 16, 2017 /PRNewswire/ -- First Commerce Bank is pleased to announce its financial accomplishments through year end 2016. Total assets increased from $669,227,000 on December 31, 2015 to $867,376,000 on December 31, 2016, representing a 29.6% increase year to date. Total gross loans were $794,163,000 on December 31, 2016, representing a 28.1% increase over year end 2015. Total deposits increased from $588,476,000 on December 31, 2015 to $746,288,000 on December 31, 2016. This represents a 28.8% increase year over year.
Total capital continued to grow as well. As of December 31, 2015, total capital was $57,444. On December 31, 2016, total capital was $103,817,000, an 80.7% increase. These results include the effects of raising $34,636,430 through a very successful capital offering. Net of the capital raise, total capital increased by $11,736,000 for fiscal year 2016, or 20.4%.
These are not the only areas of growth for First Commerce Bank. They continue to expand their footprint, opening their eighth retail branch in May of 2016 in Robbinsville Township. Furthermore, they have received regulatory approval for their ninth retail branch location in Fairfield, which is scheduled to open in summer 2017.
"As we transitioned into 2016, neither the directors, founders, shareholders nor executive management anticipated the year would continue to evolve in such an extraordinary manner," said Abraham Opatut, Chairman of the Board. "We have the commitment of our staff and our customers to thank."
President and CEO, C. Herbert Schneider, added, "As we continue to grow and expand, our focus remains the same, and that is our commitment to personal service and quick decisions. So often we find ourselves welcoming our customers with a handshake and a return to 'old time' banking. At First Commerce Bank, customers soon become family."
About First Commerce Bank
Opened in January 2006, First Commerce Bank is a FDIC insured community bank serving Bergen, Mercer, Monmouth, Ocean and soon to be Essex Counties. Personal service and quick loan decisions, combined with their relationship banking philosophy, helps First Commerce Bank clients grow and prosper in today's competitive market. For more information, please visit the bank's website at www.firstcommercebk.com.
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SOURCE First Commerce Bank