The State of New Jersey
NJ Department of Banking and Insurance

Home > Department Press Releases/Newsletters/Reports

News Release

New Jersey Department of
Banking and Insurance

Commissioner Richard J. Badolato

For Immediate Release:
January 13, 2017

For Further Information:
Marshall McKnight (609) 292-5064

First-Citizens Bank & Trust Company Assumes All Deposits of Harvest Community Bank

PENNSVILLE — The New Jersey Department of Banking and Insurance (DOBI) today closed Harvest Community Bank, Pennsville, New Jersey and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC entered into an All Deposit, Whole Bank Purchase and Assumption agreement with First-Citizens Bank & Trust Company based in Raleigh, North Carolina to assume all of the deposits of Harvest Community Bank. Customers of Harvest Community Bank will not experience any interruption in services.

Harvest Community Bank, which opened in 2000, has its headquarters in Pennsville and four branches in Salem County. All branches of Harvest Community Bank will reopen on Saturday as branches of First-Citizens Bank & Trust Company and depositors of Harvest Community Bank will automatically become depositors of First-Citizens Bank & Trust Company.

“This transaction will be completely seamless to consumers with no interruption of services. All branches will be open for business Saturday morning,” said DOBI Commissioner Richard J. Badolato.

Customers of Harvest Community Bank should continue to use their existing branch and will receive additional information from First-Citizens Bank & Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage.

As of September 30, 2016, Harvest Community Bank had approximately $126.4 million in total assets and $123.8 million in deposits.

Based in Raleigh, North Carolina, with more than 500 locations in 18 states, First-Citizens Bank & Trust Company has total assets of more than $31 billion. This acquisition is the bank’s first presence in New Jersey.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Eastern Daylight Time (EDT); on Saturday from 9:00 a.m. to 6:00 p.m., EDT; on Sunday from Noon to 6:00 p.m., EDT; on Monday 9:00 a.m. to 6:00 p.m. and thereafter from 9:00 a.m. to 5:00 p.m., EDT. Interested parties also can visit the FDIC's web site at

OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.
Adobe Acrobat
You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.
state seal
Copyright © 2011, State of New Jersey
New Jersey Department of Banking and Insurance