HAMILTON, N.J., Oct. 23, 2019 (GLOBE NEWSWIRE) -- First Bank (Nasdaq Global Market: FRBA) today announced that its board of directors has authorized, and the Bank has received regulatory approval for the repurchase of up to 1.0 million shares of FRBA common stock in the open market. This program is scheduled to expire on September 30, 2020. Currently First Bank has approximately 20.5 million shares of common stock issued and outstanding. The shares authorized for repurchase under the new program represent approximately 4.9% of First Bank’s outstanding shares.

The timing, price and volume of the share repurchases will be determined by First Bank management based on relevant securities laws, its evaluation of market conditions and other relevant factors. The share repurchase program does not require the Bank to repurchase any specific number of shares and may be suspended, terminated or modified at any time by the Bank for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed by management to be appropriate.

About First Bank

First Bank is a New Jersey state-chartered bank with 18 full-service branches in Cinnaminson, Cranbury, Denville, Delanco, Ewing, Flemington, Hamilton, Lawrence, Pennington, Randolph, Somerset and Williamstown, New Jersey, and Doylestown, Trevose, Warminster and West Chester, Pennsylvania. With over $2.0 billion in assets as of September 30, 2019, First Bank offers a traditional range of deposit and loan products to individuals and businesses throughout the New York City to Philadelphia corridor. First Bank's common stock is listed on the Nasdaq Global Market under the symbol “FRBA”.