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First Bank (FRBA/FRBA.OB) Wrap Up:

First Bank engages in the provision of commercial banking services in New Jersey, the United States. It primarily offers personal and business financial services to individuals and small to mid-sized businesses in Gloucester, Atlantic, and Camden counties. The company’s deposit products include checking, savings, and certificates of deposit. It operates a banking office and a loan administration office in Williamstown. First Bank was founded in 2007 and is based in Williamstown, New Jersey.
www.firstbank-nj.com
Founded in 2007

First Bank (FRBA:OTC Bulletin Board Market)

LAST $3.50 USD
CHANGE TODAY 0.00 0.00%
VOLUME 1.1K
As of 10:36 AM 11/20/09 All times are local (Market data by Reuters is delayed by at least 15 minutes).

Snapshot of First Bank (FRBA)

OPEN
$3.50
PREVIOUS CLOSE
$3.50
DAY HIGH
$3.50
DAY LOW
$3.50
52 WEEK HIGH
04/28/09 - $5.80
52 WEEK LOW
10/15/09 - $3.30
MARKET CAP
0.0
AVERAGE VOLUME 3 mo
831.0
DILUTED EPS TTM
--
SHARES OUTSTANDING
0.0
FRBA Does Not Pay Dividends
P/E TTM
NM
K = Thousands  M = Millions  B = Billions

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Key developments for First Bank (FRBA)

First Bank Appoints George McCullagh as Senior Vice President and Regional Manager

First Bank announced that former Wells Fargo banker George McCullagh will lead First Bank's commercial and industrial team in San Francisco. He joins the bank as a senior vice president and regional manager. McCullagh has 28 years of banking experience in Northern California. After David Greiner left First Bank last year to become CEO of Tri-Valley Bank, First Bank consolidated responsibility for all of California under John Grauten as regional president of California.

First Bank Names Patricia O'Hherin as New Director of Corporate Banking

First Bank named Patricia O'Herin new director of corporate banking.

First Bank Settles Discrimination Lawsuit Filed by an HIV-Positive Man

First Bank agreed to settle a discrimination lawsuit filed by an HIV-positive man who alleged bank employees disclosed his confidential health information, gossiped about him and created an 'abusive' work environment. The plaintiff, identified only as K.M., filed the lawsuit against First Bank in November 2007 in the St. Louis-based federal court. K.M. worked as a bank teller at First Bank's Four Seasons branch in Chesterfield. He was diagnosed with human immunodeficiency virus in 2006 and took a leave of absence under the Family Medical Leave Act for treatment, he alleged. K.M. was on leave from June 2006 through August 21, 2006. First Bank's Human Resources Department required K.M. to provide documentation to verify the reason for his leave and required him to inform the department and his branch manager of his diagnosis. Exactly what the bank required from K.M. is the source of one dispute between the parties. Although K.M. alleged the bank required him to get his doctor to provide the bank with his diagnosis, the bank admitted only that it received the doctor's diagnosis. The bank also denied K.M. 's allegation that it required him to tell his branch manager, Vicki Gan, of his diagnosis. K.M. 's lawsuit alleged that Gan and human resources manager Rhonda Backes told at least 16 other managers, supervisors and employees of his HIV-positive status. This alleged unauthorized disclosure went beyond the bank's home office and extended to other First Bank branches, including the branch where K.M. worked. K.M. announced that in the suit that he endured 'numerous acts of discrimination, intimidation, harassment, ridicule and insult' from December 2005 until May 18, 2006. He also alleged he was forced to resign after suffering a nervous breakdown. The bank denied these allegations as well as the allegation that K.M. sought to transfer to a different branch, but First Bank denied the request because of his diagnosis. The discrimination continued even after K.M. left First Bank, he alleged, because the bank's agents informed K.M. 's prospective employers of his HIV-positive status. The plaintiff alleged discrimination under the Americans with Disabilities Act, intentional infliction of emotional distress and breach of fiduciary duty of confidentiality. In addition, he alleged two counts of invasion of his right to privacy-one based on publication to bank managers, supervisors and co-employees and another to prospective employers. According to court documents, K.M. sought $15 million in compensatory damages for depression, anxiety, humiliation and damaged professional reputation. With W. Dudley McCarter serving as mediator, K.M. and First Bank settled the case on June 11. K.M. had until late July to file a stipulation for dismissal, a motion for leave to voluntarily dismiss or a proposed consent judgment.

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FRBA Competitors

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First National Bk P Allegheny PA $27.00 USD 0.00
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Patapsco Bancorp Inc $3.00 USD 0.00
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More Recent News About First Bank

More news for FRBA

Jury: Fmr. slaughterhouse manager guilty of fraud

SIOUX FALLS, S.D. (AP) -- A former manager of an Iowa kosher slaughterhouse that was the site of a massive immigration raid was convicted Thursday on 86 financial fraud charges that could bring a prison sentence of hundreds of years. Sholom Rubashkin still faces a second federal trial on 72 immigration charges.Jurors returned the verdict against Rubashkin, 50, on their second day of deliberations after a nearly monthlong trial. Rubashkin had faced 91 charges, including bank, mail and wire fraud, and money laundering. He was found not guilty on five of 19 charges alleging he did not make timely payments to livestock dealers. A sentencing date was not immediately set."We respect the jury's hard work. It was a difficult case. We disagree with the verdict," defense attorney Guy Cook said after the decision. "There were many legal errors made by the prosecution in the trial of this case and following sentencing we will appeal."Prosecutors offered no immediate comment and referred all questions to U.S. Attorney's Office spokesman Bob Teig, who did not immediately return a call seeking comment Thursday evening.Prosecutors alleged that as a manager of the former Agriprocessors, Inc., plant in Postville, Iowa, Rubashkin intentionally deceived the company's lender. Former Agriprocessors employees testified that Rubashkin personally directed them to create fake invoices in order to show St. Louis-based First Bank that the plant had more money flowing in than it really did.Cook argued Rubashkin never read the loan agreement with First Bank and tried to portray him as a bumbling businessman in over his head.Rubashkin was detained after the jury was dismissed, despite a request from his defense team that he be allowed to remain free on bail. A hearing was set for Wednesday in Cedar Rapids, Iowa, to determine whether Rubashki...
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Orthodox Jews flock to SD, support leader on trial

SIOUX FALLS, S.D. (AP) -- In the musty conference room of a South Dakota hotel, Sholom Rubashkin helps a disheveled man in a hooded sweat shirt wrap black bands around his left arm and head. Attached to each is a black box containing inscriptions from the Torah. "It's on your arm close to your heart, on your head close to your thoughts," Rubashkin, a leader in the Orthodox Jewish community, tells Robert Graham in a thick Brooklyn accent. Graham nods.For the 50-year-old Rubashkin, and the dozens of Orthodox Jewish men who arrive almost daily from across the country to support him, such spiritual guidance is partly why God led him to his federal trial in Sioux Falls.The former manager of Iowa kosher slaughterhouse Agriprocessors Inc. is accused of defrauding a St. Louis bank and, if convicted, could spend the rest of his life in prison. But for now, he's spreading his spiritual message to people like Graham, a South Dakota Jewish man who was only remotely familiar with the broadest outlines of his religion's traditions.That devotion and respect for the Rubashkin family is what draws the men to support a fellow member of their Hasidim, a branch of Judaism that translates to "the pious." Its members are easily identifiable in long black coats, fedoras and beards. They know Rubashkin more as the former teacher at an Atlanta Jewish school explaining his faith to young pupils."They have a solemn faith it's going to go the way it should," said Graham, a bus driver from Sioux Falls. "Even if it comes back guilty, they would say that's what God wanted."While they pray in the hotel conference room, a jury of seven women and five men discuss in a courthouse five blocks away whether Rubashkin is guilty of 91 counts including bank, wire and mail fraud. They carry a combined maximum prison sentence of more than 1,000 years.Ru...
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Different views of slaughterhouse manager offered

SIOUX FALLS, S.D. (AP) -- Prosecutors and defense attorneys for the former manager of an Iowa kosher slaughterhouse offered starkly different portraits of the man accused of defrauding a bank Monday in the closing arguments of his nearly monthlong financial fraud trial. Assistant U.S. Attorney Peter Deegan Jr. said Sholom Rubashkin, the former manager of Iowa kosher meatpacking plant Agriprocessors, masterminded a fraud scheme and harbored immigrants at the plant.But Rubashkin's defense attorney, Guy Cook, told jurors Rubashkin never read the loan agreement with St. Louis-based First Bank and tried to emphasize that Rubashkin was a bumbling businessman who was in over his head.Rubashkin is on trial on 91 financial fraud charges in U.S. District Court in Sioux Falls, S.D. He has pleaded not guilty."This case is very much about control," Deegan told jurors. "The defendant's control over money from customers. The defendant's control over money for cattle providers ... the defendant's control over his workers. And finally, control over the bottom line."It was a theme the prosecution emphasized throughout the trial: Rubashkin knowingly defrauded First Bank by offering false invoices for orders that never existed and running a plant that hired illegal immigrants in violation of the loan agreement.The Postville plant was the site of a major immigration raid in May 2008, when 389 workers were arrested. A second trial on 72 immigration charges is expected to follow the fraud trial.Cook said Rubashkin never oversaw financial decisions. He also said First Bank knew about the alleged fraud but continued to lend to Agriprocessors anyway.Cook equated the loan arrangement to a date set up on a Web site in which one party makes false claims, but the other party agrees to a "date" even after d...
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Britain puts more money in banks, imposes breakup

LONDON (AP) -- The British government moved Tuesday to break up the country's two biggest retail banks, imposing a major shakeup on the financial sector as it exacts payback for last year's massive state bailout at the height of the financial crisis. The government also injected billions of pounds more of taxpayer funds into Royal Bank of Scotland PLC and Lloyds Group PLC, underscoring worries the banking sector is not out of trouble yet.The change effectively pump almost 40 billion pounds ($65 billion) more into the two banks and could result in the creation of as many as three new commercial banks.The move to make the banks sell off some of their businesses approach comes at the insistence of European regulators to ensure competition in the banking industry after the government's initial 37 billion pound rescue package last October.The British government also extracted promises from RBS and Lloyds for new restrictions on bonuses to align pay with long-term performance, reflecting demands from disgruntled taxpayers that the previous culture of big payouts based on short-term gains -- and excessive risk taking -- not be allowed to continue."These changes are better for the taxpayer, better for the banks, and better for the economy," Treasury chief Alastair Darling told lawmakers. "They will mean stronger and safer banks better able to support the recovery."But the reform plan raised eyebrows by more than doubling the funds that the government has invested in the British banking system, one of those hit hardest by the global credit squeeze. The RBS bailout now exceeds the $45 billion given by the U.S. government to each of Citibank and Bank of America.The plans to reduce the size of the banks come amid an international debate about whether large banks should be broken up to prevent so-called "too big to fail" sy...
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Slaughterhouse worker: Manager was incompetent

SIOUX FALLS, S.D. (AP) -- A former Iowa kosher slaughterhouse manager accused of defrauding a bank was incompetent and in over his head, a plant employee testified Monday. Chaim Abrahams, a purchasing manager at Agriprocessors Inc., testified for the defense during Sholom Rubashkin's federal fraud trial in U.S. District Court in Sioux Falls, S.D.Abrahams, who still works at the Postville, Iowa, plant, also testified that understaffing led to sloppiness in the plant's operation.Rubashkin is charged with 91 counts of financial fraud. His attorneys argue the alleged fraud at the former Agriprocessors Inc. plant was the result of incompetence, not corruption.The defense began its case after the prosecution rested Monday morning.Abrahams said Rubashkin and his brother Heshy had frequent screaming matches about the plant."Unfortunately, in front of many of us, there was constant fighting," Abrahams said. "You would rarely see half a minute pass before you'd hear shouting. It was painful to watch."He said Sholom Rubashkin "was always screaming and making people crazy and trying to get them to stop spending money, to look for ways to save money."By contrast, Heshy Rubashkin pushed to expand the plant, Abrahams said.Agriprocessors was the site of an immigration raid in May 2008 in which 389 illegal workers were arrested. The raid gutted one-third of the plant's work force and forced it into bankruptcy.The plant was bought by a Canadian businessman and reopened under the name Agri Star.The defense also called Bill Heter, a farmer who testified that he had a strong relationship with Rubashkin and sold the plant 7,000 head of cattle without any problems.Abraham Roth, an accountant and Rubashkin family friend, testified that St. Louis-based First Bank Business Capital likely knew about ill...
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Meltdown 101: What to know if your bank fails

NEW YORK (AP) -- Dozens of banks have failed this year. What do you need to know if yours is next? The number of bank failures has reached 115 since January -- more than four times the total for 2008 and the most since the savings and loan crisis in 1992. And most experts expect problems caused by unpaid loans to force many more closures in the coming years, mostly among small, community-based banks.Banks are typically shut down late Friday afternoon. That gives the Federal Deposit Insurance Corp. time over the weekend to handle the shutdown, which most often involves transferring deposits to another bank that is taking over the failed institution. The first sign of failure consumers see may be a closure notice on the bank's door.The impact of the bank failures on consumers has been minimal, but rumors about what can happen are rampant. The FDIC has also warned of dozens of scams that try to take advantage of consumers who don't understand the process.So what do bank customers need to know, in case their bank goes under?Here are some questions and answers.Q: Why would a bank be closed by regulators?A: State or federal regulators can decide to close a bank if it is in danger of being unable to meet its obligations to depositors and others -- basically, if it looks like it's going to run out of money.Most of the banks closed in the past year have suffered because the housing crisis and the recession have led consumers and businesses to stop paying off mortgages, credit cards and other loans. Banks must set aside money to cover such losses, and they become unstable if these reserves fall.Q: How does a customer know if a bank is covered by FDIC insurance?A: Banks usually have a sign on the door with the FDIC logo, and also frequently use the logo on account statements and other correspondence....
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Companies refused payment to kosher slaughterhouse

SIOUX FALLS, S.D. (AP) -- A former kosher slaughterhouse manager accused of defrauding a bank had the final say on financial reports, a former chief financial officer testified Monday. Mitchell Meltzer said the manager, Sholom Rubashkin, allowed him to shift expenses to hide purchases from St. Louis-based First Bank.Rubashkin, faces 91 fraud charges in the federal trial, including mail, wire and bank fraud. Prosecutors claim Agriprocessors Inc. intentionally defrauded First Bank on a revolving $35 million loan by faking invoices from meat dealers.The Agriprocessors plant in Postville, Iowa, was the site of a major immigration raid in May 2008, when 389 illegal immigrants were arrested. After the raid, First Bank sent Agriprocessors about $3.45 million to keep the plant afloat."Sometimes he would offer changes, and they made them," Meltzer said. "He usually wanted more income."Meltzer said he and four other employees received parts of their salaries in cash to avoid taxes. He also said that he and former Agriprocessors controller Toby Bensasson created false invoices that they referred to as "tootsies."Allegations of false invoices are critical to the prosecution's case against Rubashkin. Prosecutors allege he created the invoices to show First Bank had incoming money.Rubashkin defense attorney F. Montgomery Brown questioned Meltzer's credibility, alleging Meltzer stole from the plant and lied on a social-networking Web site about his job experience. Meltzer said he cashed checks as a favor to Rubashkin, and Brown responded by saying Meltzer "fleeced the company."The trial was moved from Iowa to South Dakota because of pretrial publicity. Monday's testimony began the third week of the trial.On Monday morning, financial officers from companies that bought meat from Agriprocessors testified that bill...
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Accountant: Slaughterhouse manager oversaw scheme

SIOUX FALLS, S.D. (AP) -- A former accountant at a kosher slaughterhouse testified Thursday that a former plant manager on trial for financial fraud oversaw a vast scheme intended to defraud a lender bank. Former Agriprocessors Inc., plant controller Yomtov "Toby" Bensasson said the Postville, Iowa, slaughterhouse operated largely on borrowed money, at one point forcing a top manager to cash in his life insurance policy to keep the plant operational.The manager, Sholom Rubashkin, faces 91 fraud charges in the federal trial, including mail, wire and bank fraud. Prosecutors claim the company intentionally defrauded St. Louis-based First Bank on a revolving $35 million loan by faking invoices from meat dealers.Bensasson said the audits of the lender, First Bank, were not as detailed as reviews he would have conducted."By my standard, no," Bensasson said. "I wouldn't have done them that way."Bensasson said Rubashkin believed federal agents had bugged the plant and his phone lines, and conducted all conversations "on the move."The plant was the site of a major immigration raid in May 2008, and 389 illegal immigrants were arrested.Rubashkin faces another trial on 72 immigration charges when the current trial concludes.Bensasson struck a deal with prosecutors in which he pleaded guilty to a charge of making false statements to a bank, and Rubashkin attorney Guy Cook questioned him on it."Good morning," Cook said. "Sir, do you want to go to prison?""Nobody wants to go to prison," Bensasson replied.Cook pressed him further."You nevertheless have convicted yourself" of the conspiracy charge, Cook said."Yes," Bensasson said.Bensasson has testified that he and Rubashkin falsified the invoices.Information from: The Des Moines Register, ...
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