First Bank to buy Bucks County Bank in Pennsylvania
First Bank in Hamilton, N.J., has agreed to buy Bucks County Bank in Doylestown, Pa.
The $1.1 billion-asset First Bank said in a press release Wednesday that it will pay $27.2 million for the $198 million-asset Bucks County Bank. The deal, which is expected to close in the third quarter, values Bucks County Bank at 124% of its tangible book value.
John Harding, Bucks County Bank’s CEO, will become a market president and director at First Bank.
“The demographics of Bucks County Bank’s markets are highly desirable to us,” Patrick Ryan, First Bank’s CEO, said in the release. “Bucks County, in which we already have a small presence, has strong income, growth, and density characteristics, and presents an attractive growth opportunity for us.”
Hovde Group advised Bucks County Bank. Sandler O’Neill advised First Bank.