Welcome to our dedicated page for First Bank news (Ticker: FRBA), a resource for investors and traders seeking the latest updates and insights on First Bank stock.
First Bank reports recurring developments tied to its role as a New Jersey state-chartered commercial bank serving individuals and businesses through markets along the New York City to Philadelphia corridor and a location in Palm Beach County, Florida. The bank offers deposit products, loan products, business banking, personal banking, digital banking, and lending services.
News about FRBA centers on quarterly earnings, net interest margin, operating efficiency, loan growth, tangible book value, credit quality, non-performing assets, criticized loans, and credit loss expense. Updates also cover earnings conference calls, branch-network activity, capital management, dividends, share repurchases, and debt refinancing or issuance.
First Bank (NASDAQ: FRBA) announced the closing of a $30 million private placement of fixed-to-floating rate subordinated notes. The proceeds will be used to redeem $22 million of existing subordinated notes and for general corporate purposes. The new notes will have a fixed interest rate of 5.50% for the first five years, transitioning to a floating rate thereafter. This capital will allow the bank to reduce interest expenses and support growth without issuing new shares. The notes qualify as Tier 2 capital for regulatory needs.