About Us

History

Colonial Bank, FSB began in 1913 as a mortgage association in downtown Bridgeton. Today, Colonial Bank, FSB is a nine location, community bank offering a unique combination of complete banking products and dedicated customer service to residents of Cumberland and Gloucester Counties.

In 1913, Young Men's Building & Loan, the first incarnation of Colonial Bank, FSB, opened with a single office on Commerce Street in Bridgeton with the main purpose of granting home mortgages. Thirty years later, in 1943, the Bank obtained deposit insurance on savings accounts and changed its name to The Young Men's Savings and Loan Association.

During the next three decades, several changes in government regulations allowed the Bank to expand its products and services and acquire The Cohanzick Building & Loan and the Equitable Building & Loan. By 1987, the bank had grown to four locations throughout Cumberland County. That same year, the Bank ventured into Gloucester County, New Jersey by purchasing the Mantua Building & Loan and constructed the fifth branch office in Sewell.

The biggest and most publicized change for the Young Men's Savings & Loan Association came in November of 1994, when the Board of Directors decided that the name no longer fit in the current business world. At the same time, the Bank changed its charter from a state regulated Savings & Loan Association to a Federal Savings Bank charter, thus becoming Colonial Bank, FSB.

In 2007, Colonial Bank, FSB moved into its corporate headquarters in Vineland, New Jersey. This expansion allowed the Bank to streamline back office functions and improve the efficiencies of the deposit and loan operations department to better service the customer.

In addition to our three locations in Vineland, Colonial Bank, FSB currently operates branches in Bridgeton, Mantua, Millville, Upper Deerfield, Sewell and Cedarville, New Jersey. Colonial Bank, FSB plans to open more branches in the near future, including a second location in Millville and new branches in Mullica Hill, Gloucester County and Buena Township, Atlantic County.

Colonial Bankshares, Inc.

Colonial Bankshares, Inc. was organized in January 2003 to serve as the mid-tier stock holding company of Colonial Bank, FSB. Colonial Bankshares, Inc. is a federally chartered corporation and owns 100% of the outstanding common stock of Colonial Bank, FSB.

On March 25, 2005, the Company filed a Registration Statement Form SB-2 with the Securities and Exchange Commission in connection with the Company’s offer and sale of shares of its common stock in a public offering. The Registration Statement was declared effective by the Securities and Exchange Commission on May 16, 2005. The offering was completed on June 30, 2005. In the offering, the Company sold 2,079,980 shares of its common stock at a price of $10.00 per share, and issued an additional 2,441,176 shares of its common stock to Colonial Bankshares, MCH, the Company’s federally chartered mutual holding company.

For further discussions of the stock offering, see the Company’s Prospectus as filed on June 1, 2005 with the Securities and Exchange Commission pursuant to Rule 424(b)(3) of the Rules and Regulations of the Securities Act of 1933 (File Number 333-123583).