1st Constitution to expand in northern N.J. with bank purchase
Shore Community Bank in Toms River, N.J., has agreed to sell to 1st Constitution Bancorp in Cranbury, N.J.
The companies said in a press release Monday that the $1.2 billion-asset 1ST Constitution will pay $53.1 million in cash and stock for the $274 million-asset Shore. The deal, which is expected to close in the fourth quarter, priced Shore at 166.8% of its tangible book value.
The acquisition is expected to be 17.6% accretive to 1ST Constitution’s 2020 earnings per share.
Shore has five branches in northern and central Ocean County. It has $212 million in loans and $240 million in deposits.
“We are pleased to be combining with Shore … and expanding our presence into several new markets,” Robert Mangano, 1st Constitution’s president and CEO, said in the release.
“Northern and central Ocean County represent attractive markets with desirable demographic characteristics and growth opportunities,” Mangano added. “Shore is a high-performing community bank with strong core deposits and solid loan growth.”
D.A. Davidson and Day Pitney advised 1ST Constitution. Raymond James and Windels Marx Lane & Mittendorf advised Shore.