First Bank, based in Hamilton, announced Tuesday that it has completed its merger takeover of Delanco Bancorp Inc. and its subsidiary Delanco Federal Savings Bank.
The merger was approved earlier this month by stockholders of both banks and formally closed Monday, First Bank said in a news release.
“We are pleased to welcome the customers, employees and stockholders of Delanco to First Bank, as we expand our retail and commercial banking footprint in Burlington County,” First Bank CEO and President Patrick L. Ryan said in a prepared statement. “Delanco established a solid community banking franchise that served its local communities well, and we intend to continue this tradition.”
The deal, initially announced in October, was valued then at about $13.5 million. The deal gives First Bank two new locations in New Jersey, in Delanco and Cinnaminson. It has 17 branches total.
James Igo, Delanco’s chairman, CEO and president, will become Southern New Jersey regional president for First Bank, Ryan said.