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Regal Bank To Purchase New Millennium Bank’s Township Branch

Regal Bank will purchase the Elizabeth Avenue branch of New Millennium Bank, the institutions announced Feb. 13.

According to a press release about the deal, it is anticipated that Regal will assume about $32 million in deposits from New Millennium, a figure subject to the actual value of deposits at the time of closing. The remainder of the branch’s deposits, consisting mostly of certificates of deposits, will remain with Millennium.

The transaction is expected to close late in the second quarter of 2017, and is subject to regulatory approvals.

Regal bank moved into the township in March of 2016, with its merger with the former Community First Bank.

Based in Livingston, Regal Bank has 10 branches in five counties, including its township branch at Pierce Street and Elizabeth Avenue. As of December 31, 2016, Regal Bank had total assets of $470 million, total loans of $383 million and total deposits of $409 million.

 

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