Lakewood based, First Commerce Bank, plans to change over to a bank holding company structure. The plan was announced in November and received the unanimous approval of the bank’s Board of Directors. It also will require the approval of the stockholders.

Under this plan, each share of the bank’s common stock will be exchanged for one share of common stock of First Commerce Bancorp, Inc., the newly formed New Jersey corporation which will serve as the holding company. If approved, the Bank will become a wholly owned subsidiary of the holding company, and the stockholders of the Bank will own the same percentage of common stock of the holding company as they owned in the common stock of the bank.

The directors and executive officers of the Bank will remain unchanged, and the directors and executive officers of the holding company will also be the same as the directors and executive officers of the Bank.

Bank executives believe the restructure will provide additional financial and operational flexibility and better access to capital. Donald Mindiak, President and Chief Executive Officer of First Commerce, advised LNN in an email that, “Several aspects of the Holding Company Reorganization Application need to be reviewed and approved at the Bank’s upcoming Board of Directors Meeting.” That meeting is set to take place next week. The bank plans to complete the reorganization in the first quarter or early second quarter of 2023.