Columbia Bank to Acquire First Jersey Title Services, Inc.
|June 10, 2002|
FAIR LAWN, N.J., June 7 /PRNewswire/ -- Columbia Bank today has entered into an agreement to purchase through a subsidiary of the Bank, First Jersey Title Services, Inc., a title insurance agency. Upon completion of the acquisition, First Jersey Title will be a wholly owned subsidiary of the Bank. The acquisition is expected to be completed in the second quarter of 2002. Financial terms of the agreement were not disclosed.
In making the announcement, Columbia President and Chief Executive Officer Raymond Hallock called the purchase "the next strategic step in the evolution of our Bank's full-service concept." First Jersey Title President Scott A. Penque added, "our two organizations have very similar beliefs in the importance of providing quality service. This agreement will allow us to strengthen our industry position, while still maintaining the high levels of service our clients have come to expect." Mr. Hallock also noted, "Having access to a title insurance agency, with such established levels of experience, is definitely another Columbia service advantage."
Founded in 1984, First Jersey Title is one of the leading title insurance agencies in New Jersey. The Paramus-based firm, headquartered at 80 East Ridgewood Avenue, has expertise in all forms of real estate transactions, including residential, commercial and development. Following the acquisition, First Jersey Title will continue to operate under the same trade name, with the same management and customer service support team.
With current assets over $2.7 billion, Columbia Bank is a New Jersey-based, independent community bank that maintains 33 offices in ten counties statewide. Columbia was founded in Fair Lawn in 1927.
Source: Columbia Bank