December 21, 2014 4:17 AM ET

Banks

Company Overview of Rumson-Fair Haven Bank & Trust Company

Company Overview

As of February 7, 2014, Rumson-Fair Haven Bank & Trust Company was acquired by 1st Constitution Bank. Rumson-Fair Haven Bank & Trust Company provides retail and commercial banking services for individuals, small and medium-sized businesses, and professional practices in New Jersey. It accepts deposits, including checking accounts, savings accounts, and certificates of deposit. The company provides personal loans, such as residential mortgages, home equity line of credit, and home equity fixed rate loans; and business loans, including commercial mortgages, construction financing, business line of credit, business term loans, and small business line of credit. It also offers traveler's checks,...

20 Bingham Avenue

Rumson, NJ 07760

United States

Founded in 2000

Phone:

732-933-4445

Fax:

732-345-1842

Key Executives for Rumson-Fair Haven Bank & Trust Company

Rumson-Fair Haven Bank & Trust Company does not have any Key Executives recorded.

Rumson-Fair Haven Bank & Trust Company Key Developments

Rumson-Fair Haven Bank & Trust Company, Special/Extraordinary Shareholders Meeting, Jan 22, 2014

Rumson-Fair Haven Bank & Trust Company, Special/Extraordinary Shareholders Meeting, Jan 22, 2014. Agenda: To approve proposed merger with 1ST Constitution Bancorp.

Rumson-Fair Haven Bank & Trust Company Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Rumson-Fair Haven Bank & Trust Company reported earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net income of $195,000, or $0.06 per diluted share, as compared to $407,000, or $0.13 per diluted share, for the same period in 2012. Included in the September 2013 third-quarter earnings were pretax merger-related expenses of $180,000 (or $140,000 after taxes). The Company realized no investment securities gains in the third quarter of 2013 and $589,000 (or $354,000,000 after taxes) in the third quarter of 2012. Excluding both merger related expenses and net securities gains, net income for the third quarter of 2013 would have been $335,000, significantly above the net income for the third quarter of 2012 of $53,000. Net interest income for the three months ended September 30, 2013 and 2012 was $1.6 million and $1.4 million, respectively. For the nine months ended September 30, 2013, the Company reported net income of $620,000, or $0.19 per diluted share compared to $722,000, or $0.23 per diluted share, reported for the same period in 2012. For the nine months ended September 30, 2013, pretax merger related expenses were $251,000 (or $183,000 after taxes). The Company realized investment securities gains of $102,000 (or $61,000 after taxes) in the first nine months of 2013 and $745,000 (or $447,000 after taxes) in the same period of 2012. Excluding both merger related expenses and net securities gains, net income for the first nine months of 2013 would have been $742,000, a significant increase from net income for the same period of 2012 of $275,000. The company continuing to gain core earnings momentum as a result of strong loan growth in both commercial and residential loan divisions, notwithstanding the challenging economic and interest rate environment. In addition, non-interest revenues from the sale of residential mortgages continue to positively impact earnings. Net interest income increased, to $4.5 million, which is an increase of $381,000 or 9.2%, from $4.1 million for the nine months ended September 30, 2012. Tangible book value amounted to $5.89 per share.

Rumson-Fair Haven Bank & Trust Company Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2013

Rumson-Fair Haven Bank & Trust Company reported earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company has posted net income of $160,000, or $0.05 per diluted share, as compared to $165,000, or $0.05 per diluted share, for the same period in 2012. Net interest income was $1,500,000 and $1,400,000, respectively. For the six months ended June 30, 2013, the company reported net income of $425,000, or $0.13 per diluted share, an increase of $110,000, or 34.9%, from $315,000, or $0.10 per diluted share, reported for the same period in 2012. Net interest income increased to $2,900,000, which is an increase of $191,000 or 6.95%, from $2,700,000 for the six months ended June 30, 2012.

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