Business
PRINCETON BANCORP, INC. BECOMES THE BANK HOLDING COMPANY OF THE BANK OF PRINCETON
PRINCETON, N.J., Jan. 10, 2023 /PRNewswire/ -- Princeton Bancorp, Inc. (the "Company") (NASDAQ – BPRN) and The Bank of Princeton (the "Bank") jointly
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., Jan. 10, 2023 /PRNewswire/ -- Princeton Bancorp, Inc. (the \"Company\") (NASDAQ – BPRN) and The Bank of Princeton (the \"Bank\") jointly announced today the consummation of a holding company reorganization, effective at the close of business on January 10, 2023, pursuant to which the Company became the parent bank holding company of the Bank. In the reorganization, each share of the Bank's common stock converted into one share of the Company's common stock. Following the consummation of the reorganization, shares of the Company's common stock will trade on The Nasdaq Global Select Market under the same ticker symbol, BPRN, that was used for shares of the Bank's common stock before the reorganization.\n\n \n \n \n \n \n \n\n \nUpon consummation of the reorganization, the Company, a Pennsylvania corporation, will own 100% of the common stock of the Bank, and this structure will provide the Bank with increased flexibility to pursue strategic opportunities to drive long-term growth. As a bank holding company, the Company will also gain access to additional means of raising capital and more flexibility to engage in non-banking financial activities. This will provide an opportunity to expand the Bank's offerings to its customers.\nAbout The Bank of PrincetonThe Bank of Princeton is a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with 19 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe, New Brunswick, Pennington, Piscataway, Princeton Junction, Quakerbridge and Sicklerville. There are also four branches in the Philadelphia, Pennsylvania area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (\"FDIC\").\nCautionary Note Regarding Forward-Looking Statements\nThis communication contains forward-looking statements within the Private Securities Litigation Reform Act of 1995. Forward looking statements can be identified by words and phrases such as \"going forward,\" \"looking forward,\" \"anticipate,\" \"expect,\" \"intend,\" \"believe,\" \"may,\" \"likely,\" \"will\" or other statements that indicate future periods. Such forward-looking statements are subject to risks, uncertainties, and other factors, which could ca...