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The First Banc Group, Inc. was formed in 1968 as a holding company for City National Bank and was used as a vehicle to acquire other banks. As Ohio began to gradually relax its very restrictive Great Depression era banking laws that had severely restricted bank branching and ownership, City National Bank, through its First Banc Group parent, started to purchase banks outside of its home county.
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Amboy Bank has been privately owned since its inception, and has been held by Amboy Bancorporation since 1984. [7] In the mid-1980s, Amboy Bank became one of the first lenders in the United States to offer a biweekly mortgage. [8] Amboy Direct was established in 1995 to provide products to those outside of Amboy Bank’s traditional footprint. [9]
The bank had $25 billion in deposits and $28 billion in loans and 135 brick-and-mortar branch locations including 97 in New Jersey. [38] The acquisition was delayed for 3 years due to a money laundering case involving an M&T branch and the acquisition closed on November 2, 2015. [39] [40] [41] [42]
In 1978, Provident acquired the First National Bank of Dunellen. This was a pioneering move. No one had ever heard of a savings bank buying out a commercial bank. When the deal was complete, however, Provident had increased its assets by $20 million and added two new branch offices – Dunellen and Green Brook. [8]
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1956: The Bank of Allwood of Clifton, New Jersey; 1976: The Bank of Wayne, after which, the bank was renamed Valley National Bank. 1977: Bankers National Bank of Elmwood Park, New Jersey; 1981: Liberty National Bank of Hillsdale, New Jersey; 1982: Fair Lawn State Bank of Fair Lawn, New Jersey; 1984: First National Bank and Trust Co. of Kearny ...
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