EXTON, Pa., May 12, 2022 /PRNewswire/ — First Resource Bank (OTCQX: FRSB) announced the completion of its reorganization as a wholly owned subsidiary of First Resource Bancorp, Inc., effective May 11, 2022. The reorganization was approved by the Bank’s shareholders on April 27, 2022, at their annual general meeting. The common stock of First Resource Bancorp, Inc. continues to trade on the OTCQX market under the symbol FRSB and shareholders have the same rights and percentage ownership in the new holding company that they currently have in the Bank.
CEO Glenn B. Marshall said: “This reorganization provides enhanced capital options to fund the future growth of First Resource Bank, including the ability to issue debt securities at the holding company level which can then be invested in the Bank as a common stock. This option will be a cost-effective way to support growth across the business and is in the best interests of our customers and shareholders.”
The day-to-day operations of the Bank will not be affected by the incorporation of the holding company and there will be no change in the registered office or in the management of the company. Customers can always expect to receive the same level of exceptional service and product offerings that First Resource Bank has always provided.
Pursuant to the reorganization, each existing shareholder of First Resource Bank will receive an equal number of common shares of First Resource Bancorp, Inc. in exchange for their shares of the Bank. Bank shareholders holding paper share certificates will receive correspondence from the Bank’s transfer agent, Broadridge Corporate Issuer Solutions, with specific instructions on how to redeem their certificates. Shares held in book-entry only form will be automatically converted without shareholder intervention.
About First Resource Bank
First Resource Bank, a subsidiary of bank holding company, First Resource Bancorp Inc., is a locally owned and operated business Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals, and individuals in the Delaware Valley. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a wide range of traditional financial services and products, competitively priced and delivered in a manner suitable for small businesses, professionals and local market residents. For more information visit our website at www.firstresourcebank.com. FDIC member.
This press release contains statements that are not historical facts and may relate to future results of operations or events or management’s expectations regarding such results or events. They are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our projects. , objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, or Words of similar meaning, or future or conditional verbs, such as “will”, “would”, “should”, “could” or “might” are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or cannot reasonably be predicted at this time. In addition, these forward-looking statements are subject to assumptions regarding future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are therefore cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intention or obligation to publicly update any of the forward-looking statements contained herein, whether in response to new information, future events or otherwise.
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SOURCE First resource bank