LAKEWOOD, N.J., Nov. 21, 2016 /PRNewswire/ -- First Commerce Bank announced total asset growth of 23.43% for the first nine months of 2016 to $826,024,620. Net loans grew 21.67% over year end, totaling $754,462,531 at September 30, 2016. Total deposits expanded by $116,264,748 to $704,740,804 in the same period.
Total capital continued to grow as well, increasing 76.55% over year end to $101,429,678. This substantial growth is due to a very successful Capital Offering, which raised $34,636,430 in new capital during the third quarter of 2016.
"Originally, our plan was to raise $25.0 million dollars," said C. Herbert Schneider, President and CEO, "but the reaction was so overwhelmingly positive, the Board approved an increase to $35.0 million. We closed the Offering on September 30, 2016, a month earlier than the original anticipated closing date."
Chairman of the Board, Abraham Opatut, added, "We are thankful for the support we have received from both existing shareholders and new investors. This new capital will enhance our ability to serve our customers by increasing our lending limit and supporting the growth of the bank."
About First Commerce Bank
Opened in January 2006, First Commerce Bank is a FDIC insured community bank serving Ocean, Monmouth, Bergen and Mercer 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.
SOURCE First Commerce Bank