CHERRY HILL, N.J.--(BUSINESS WIRE)--1st Colonial Bancorp, Inc. (OTC Pink: FCOB), the parent company of 1st Colonial Community Bank announced the completion of a private placement of $10.75 million in aggregate principal amount of fixed to floating rate subordinated notes to certain bank and institutional accredited investors. The proceeds from the placement of the subordinated debt will be used to support growth initiatives, as well as general corporate purposes.

Management Commentary

Robert White, President and CEO, stated, “We are pleased to announce the successful completion of our subordinated debt placement, as a form of low-cost regulatory capital. This transaction provides the necessary capital to support the growth outlined in our strategic plan, without any dilution to our shareholder base. We remain committed to increasing shareholder value and executing upon our strategic goals.”

About the Company

1st Colonial Community Bank, the subsidiary of 1st Colonial Bancorp, provides a range of business and consumer financial services, placing emphasis on customer service and access to decision makers. Headquartered in Collingswood, New Jersey, 1st Colonial also has a branch in the New Jersey community of Westville and administrative offices in Cherry Hill, New Jersey. To learn more, call (856) 858-8402 or visit www.1stcolonial.com.