TINTON FALLS, N.J., Dec. 22, 2014 (GLOBE NEWSWIRE) -- Two River Bancorp (Nasdaq:TRCB), (the "Company"), the parent company of Two River Community Bank ("Two River"), today announced that it has received approval from the Federal Deposit Insurance Corporation ("FDIC") for its application to operate a full-service branch office located at 31 East Main Street, Freehold, New Jersey.
Two River anticipates that the new full-service branch will commence operations in the first quarter of 2015, becoming the Company's sixteenth branch location. The new branch will offer commercial lending, residential mortgages, and comprehensive personal and business banking services.
Management Commentary
William D. Moss, President and CEO, stated, "We are pleased to enhance our presence in Freehold and further expand our leading brand within Monmouth County. We initially opened a loan production office in the region, and received sufficient demand that we felt it appropriate to expand into a full service location. The branch is located at a highly trafficked downtown region near Monmouth County's main government buildings, with readily available parking, and the region has provided a stable and steady base of loan production over the previous year. We look forward to strengthening and developing new relationships with customers in the area."
Mr. Moss continued, "The opening of the Freehold branch is another step in Two River's strategy to properly grow our brand in our core county locations through steady expansion of our branch network. In addition, we are also constantly evaluating all of our locations to ensure that we are properly positioned in our core marketplace. In the coming quarters, we will look to enter other adjacent markets where we can leverage our growing brand recognition, relationship banking and local expertise."
About the Company
Two River Bancorp is the holding company for Two River Community Bank, which is headquartered in Tinton Falls, New Jersey. Two River Community Bank currently operates 15 branches and 3 Loan Production Offices throughout Monmouth, Middlesex, Union, and Ocean Counties, New Jersey. More information about Two River Community Bank and Two River Bancorp is available at www.tworiverbank.com.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. These statements may be identified by such forward-looking terminology as "continues," "expect," "look," "believe," "anticipate," "may," "will," "should," "projects," "strategy" or similar statements. Actual results may differ materially from such forward-looking statements, and no reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; competition levels; changes in loan and investment prepayment assumptions; insufficient allowance for credit losses; a higher level of loan charge-offs and delinquencies than anticipated; material adverse changes in our operations or earnings; a decline in the economy in our market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume or an inability to close loans currently in the pipeline; changes in laws and regulations; adoption, interpretation and implementation of accounting pronouncements; operational risks, including the risk of fraud by employees, customers or outsiders; and the inability to successfully implement new lines of business or new products and services. For a list of other factors which would affect our results, see the Company's filings with the Securities and Exchange Commission, including those risk factors identified in the "Risk Factor" section and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2013. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company assumes no obligation for updating any such forward-looking statements at any time, except as required by law.