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The Bank of Princeton (the “Bank”) (NASDAQ – BPRN) is pleased to announce its intention to form a bank holding company, subject to shareholder and regulatory approvals. If approved, the Bank would become a subsidiary of Princeton Bancorp, Inc., the new bank holding company. The current shareholders of the Bank would become shareholders of the new bank holding company and the current shareholders will have the same ownership rights and percentages in the new holding company that they currently have in the Bank.
“The Bank’s Board of Directors believes that this new corporate structure will provide increased financial and operational flexibility to the Bank, is integral to the continued growth of the Bank and is in the best interest of the Bank’s shareholders” , said Richard Gillespie, Chairman of the Bank’s Board of Directors.
Edward Dietzler, President and Chief Executive Officer of the Bank, said: “The formation of the holding company will provide more efficient access to capital should the need arise and create flexibility in the overall structure of our organization. We believe that forming a holding company will put the Bank in the best position to respond to future market conditions and take advantage of future opportunities as they arise. »
The formation of the holding company will have no impact on the operations of the Bank. The Bank will continue to offer its full range of financial services including personal and business loans and deposit services. The Bank’s headquarters will remain at, and the holding company’s headquarters will be located in Princeton, New Jersey.
The Bank expects to complete the reorganization late in the second quarter or early in the third quarter of 2022, subject to shareholder and regulatory approvals.
About Princeton Bank
The Bank of Princeton is a community bank founded in 2007. The Bank is a chartered commercial bank in the State of New Jersey with nineteen branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills , Chesterfield, Cream Ridge, Deptford, Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe Township, New Brunswick, Pennington, Piscataway, Princeton Junction and Sicklerville. There are also four branches in the Philadelphia, PA area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (“FDIC”).
The Bank of Princeton may from time to time make written or oral “forward-looking statements”, including statements contained in the Bank’s filings with the FDIC, its reports to shareholders, and other Bank communications. (including this press release), which are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as than modified.
These forward-looking statements involve risks and uncertainties, such as statements of the Bank’s plans, objectives, expectations, estimates and intentions that are subject to change based on a variety of important factors (some of which are beyond the Bank’s control). The following factors, among others, could cause the Bank’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in these forward-looking statements: the impact of the recent global coronavirus outbreak, the strength of United States the general economy and the strength of the local economies in which the Bank operates; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rates, market and currency fluctuations; Market volatility; the value of the Bank’s products and services as perceived by current and potential customers, including features, prices and quality relative to competitors’ products and services; the willingness of customers to substitute competitors’ products and services for the Bank’s products and services; credit risk associated with the Bank’s lending activities; risks related to the real estate market and the Bank’s real estate securities; the impact of changes in applicable laws and regulations and requirements arising from our oversight by banking regulators; other regulatory requirements applicable to the Bank or the failure of the Bank to receive requested regulatory approvals; technological changes; acquisitions; changes in consumer spending and saving habits; the risks set forth in the Bank’s Annual Report on Form 10-K for the year ended December 31, 2020 under the heading “Risk Factors” and the Bank’s success in managing the risks involved in the foregoing.
Contact George Rapp 609.454.0718 email@example.com
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SOURCE The Princeton Bank