Raleigh-based First Citizens Bank has expanded into New Jersey by acquiring a bank with four branches that was taken over by regulators.
First Citizens announced late Friday that it has purchased certain assets and liabilities of Harvest Community Bank of Pennsville, N.J., which had about $126.4 million in assets and $123.8 million in deposits as of Sept. 30. The deal came afater the bank was closed by New Jersey regulators, which subsequently appointed the Federal Deposit Insurance Corp. as receiver.
First Citizens was chosen as the buyer following a competitive bidding process. It has acquired more than 10 failed banks since 2009.
First Citizens has more than 550 branches in 21 states and nearly $33 billion in assets.