RUMSON-FAIR HAVEN BANK TO BE ACQUIRED
The bank’s five branches, including the one on Broad Street in Shrewsbury, above, will be rebranded as 1st Constitution. (Click to enlarge)
By JOHN T. WARD
Little more than a year after an internal power struggle, five-branch banking indie Rumson-Fair Haven Bank & Trust has agreed to be acquired by a Middlesex County lender, the two companies announced Friday.
The buyer is 1st Constitution Bancorp, a Nasdaq-traded entity that will pay RFHBT shareholders $7.50 per share, or 0.7772 of a share of 1st Constitution common stock, in a deal valued at $24.3 million, the two company’s said in a press release.