First Bank Expands with New Private Equity Fund Banking Unit
HAMILTON, N.J.—September 28, 2022—First Bank (NASDAQ: FRBA) announced today that it has expanded commercial lending service offerings to now service private equity funds and their portfolio companies.
The award-winning, community bank now offers capital call lines of credit, working capital lines of credit and financing for the private equity firms and their portfolio companies.
“As an entrepreneur myself, I understand the challenges that private equity groups encounter,” said First Bank President and CEO Patrick L. Ryan. “We’re relationship-focused community bankers who know entrepreneurs are an important part of our economy. That’s why First Bank continues to be nimble, creative and responsive to their needs.”
Through the capital call line of credit, First Bank provides working capital to private equity firms so they can move quickly and produce better equity returns. This type of facility is typically used to bridge gaps between the timing of acquisitions and receipt on incoming capital from private equity group’s investors. With the working capital lines of credit, First Bank provides capital to private equity groups for general purposes, such as short-term needs and payment of obligations.
To complete the finance cycle, First Bank also provides acquisition financing for the purchase of portfolio companies, in addition to banking services for portfolio companies owned by the private equity groups. Portfolio companies have traditional commercial banking needs like deposit and cash management services along with term loans and working capital lines of credit.
Supporting entrepreneurs and private equity groups are part of First Bank’s history.
Ryan was part of an investment group that recapitalized First Bank with $20 million in late 2008. Prior to the acquisition, he gained valuable entrepreneurial insight in mergers and acquisitions on Wall Street. Based on its most recent quarterly filing, First Bank has $2.57 billion in assets.
Once Ryan made the difficult decision to leave more lucrative professions to follow his passion, however, he has never looked back. His vision was clear: Build a community bank focused on providing best-in-class services and access to capital for business owners and entrepreneurs in the New York City to Philadelphia corridor.
From year-end 2007, First Bank’s first year of operation, the Bank has delivered a 41% compounded annual growth rate in total assets.
Earlier this year, Ryan was awarded EY’s Entrepreneur of the Year 2022 New Jersey Award. He is in consideration for the EY National Award in November.
About First Bank
First Bank (firstbanknj.com) is a New Jersey state-chartered bank with 18 full-service branches throughout New Jersey in Burlington, Gloucester, Hunterdon, Mercer, Middlesex, Somerset and Morris counties, as well as in Bucks and Chester counties in Pennsylvania. With $2.57 billion in assets as of June 30, 2022, 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 exchange under the symbol “FRBA.” First Bank is Member FDIC and Equal Housing Lender. The Private Equity Banking division is led by Ramzi Dagher, SVP/Team Leader, who can be contacted at (215) 807-9301 or firstname.lastname@example.org.