Interchange Financial Services (NASDAQ:IFCJ)
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From Jul 2019 to Jul 2024
Interchange Financial Services Corporation, (NASDAQ:
IFCJ), the holding company for Interchange Bank ("Interchange"),
announced that it received approval from federal and state regulatory
authorities and Franklin Bank shareholders to acquire the Nutley, New
Jersey bank.
The transaction had previously been approved by the Boards of
Directors of both companies and is expected to be completed after the
requisite waiting period. Upon completion of the transaction,
Interchange will operate 30 banking offices and will have
approximately $1.6 billion in assets.
Commenting on the action, Anthony S. Abbate, president and chief
executive officer of Interchange said, "This acquisition allows us to
spring-board into Essex County and we are pleased to receive these
necessary approvals. Franklin's loyal customer and employee base,
along with the Essex County Advisory Board will assist us in growing
our franchise in Nutley and adjacent markets."
About Interchange Bank
Headquartered in Saddle Brook, NJ, Interchange Bank is one of
Bergen County's largest independent commercial banks and a wholly
owned subsidiary of Interchange Financial Services Corp (NASDAQ:IFCJ).
With $1.5 billion in assets and 29 branches throughout Bergen County,
Interchange Bank offers services specifically designed for businesses,
including: Small Business Checking with lower minimum balances; Rapid
Response loans up to $250,000 and approvals within 48 hours; Business
Class Banking with an automatic sweep feature; cash management
services; equipment leasing; escrow management; corporate Visa
account; a business check card, featuring interest-free business
purchases; merchant credit card services and free wire transfers.
Interchange is an SBA Preferred Lender, financing many local small
businesses that otherwise might not qualify under standard credit
requirements. All business banking can be accomplished online via
Interbanking, which provides 24/7 access to accounts. For additional
information, please visit the company's Web site at
www.interchangebank.com.
About Franklin Bank
Franklin is a New Jersey state bank which conducts traditional
commercial banking business, accepting deposits from the general
public, including individuals, businesses, non-profit organizations
and governmental units. Franklin originates commercial loans, consumer
loans and both residential and commercial real estate loans. As of
June 30, 2005, Franklin Bank had total assets of approximately $91.9
million. Franklin is headquartered in Nutley, Essex County, New
Jersey.
Forward Looking Statements
This document contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, (i) statements about the
benefits of the acquisition of Franklin by Interchange, including
future financial and operating results, cost savings, enhanced
revenues, and accretion to reported earnings that may be realized from
the merger; (ii) statements with respect to Interchange's and
Franklin's plans, objectives, expectations and intentions and other
statements that are not historical facts; and (iii) other statements
identified by words such as "believes," "expects," "anticipates,"
"estimates," "intends," "plans," "targets," "projects" and similar
expressions. These statements are based upon the current beliefs and
expectations of Interchange's and Franklin's management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements.
The following factors, among others, could cause actual results to
differ materially from the anticipated results or other expectations
expressed in the forward-looking statements: (1) the risk that the
businesses of Interchange and Franklin will not be integrated
successfully or such integration may be more difficult, time-consuming
or costly than expected; (2) expected revenue synergies and cost
savings from the merger may not be fully realized or realized within
the expected time frame; (3) revenues following the merger may be
lower than expected; (4) deposit attrition, operating costs, customer
loss and business disruption following the merger, including, without
limitation, difficulties in maintaining relationships with employees,
may be greater than expected; (5) competitive pressures among
depository and other financial institutions may increase significantly
and have an effect on pricing, spending, third-party relationships and
revenues; (6) the strength of the United States economy in general and
the strength of the local economies in which the combined company will
conduct operations may be different than expected resulting in, among
other things, a deterioration in credit quality or a reduced demand
for credit, including the resultant effect on the combined company's
loan portfolio and allowance for loan losses; (7) changes in the U.S.
and foreign legal and regulatory framework; and (8) adverse conditions
in the stock market, the public debt market and other capital markets
(including changes in interest rate conditions) and the impact of such
conditions on the combined company's capital markets and asset
management activities. Additional factors that could cause
Interchange's results to differ materially from those described in the
forward-looking statements can be found in Interchange's (such as the
SEC registration statement formS-4 proxy statement of Franklin and
prospectus of Interchange, Annual Reports on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K) filed with the
Securities and Exchange Commission and available at the SEC's Internet
site (http://www.sec.gov). All subsequent written and oral
forward-looking statements concerning the proposed transaction or
other matters attributable to Interchange or Franklin or any person
acting on their behalf are expressly qualified in their entirety by
the cautionary statements above. Interchange and Franklin do not
undertake any obligation to update any forward-looking statement to
reflect circumstances or events that occur after the date the
forward-looking statements are made.