Harvest Community in N.J. becomes first bank failure of new year

New Jersey state regulators closed Harvest Community Bank in Pennsville in the year’s first failure.

The $126.4 million-asset Harvest’s operations, including four branches, were sold to a unit of First Citizens BancShares in Raleigh, N.C. First Citizens agreed to assume all of Harvest’s $123.8 million of deposits and to purchase essentially all of the assets.