Bucks County Bank of Doylestown has been acquired by a New Jersey-based bank for $27.2 million.
First Bank of Hamilton, N.J., said the acquisition, which was first announced in March, was officially completed last week.
The Bucks County Bank, which also has branches in Warminster, Bensalem and Levittown in Southern Bucks County, had assets of approximately $200 million prior to the acquisition. The combined banks will have 14 branches in Pennsylvania and New Jersey and assets of $1.4 billion.
Steve Carman, chief financial officer for First Bank, said the acquired institution’s headquarters will be moved to its own offices in Hamilton, but the branch will be maintained, as will the office space.
“It will serve as a hub for our operations in Eastern Pennsylvania,” Carman said.
John Harding, former president and CEO of Bucks County Bank, will remain with First Bank as President of our new Eastern Pennsylvania market area.
“I am looking forward to helping First Bank continue to build its market share in Pennsylvania,” Harding said in a statement.
Carman said the bank is looking to further expand into the Pennsylvania market. It currently has no other acquisition plans but is “Keeping an eye open for opportunities.”
Prior to acquiring Bucks County Bank, First Bank had an office in Yardley.