Business
The Bank of Princeton Announces Intent to Form Holding Company
PRINCETON, N.J., March 1, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) is pleased to announce its intent to form a bank holding
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., March 1, 2022 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) is pleased to announce its intent to form a bank holding company, subject to stockholder and regulatory approval. If approved, the Bank would become a subsidiary of Princeton Bancorp, Inc., the newly-formed bank holding company. Current stockholders of the Bank would become shareholders of the newly-formed bank holding company and current stockholders will have the same rights and ownership percentage in the new holding company as they currently have in the Bank.\n\n \n \n \n \n \n \n\n \n\"The Bank's Board of Directors believes this new corporate structure will provide added financial and operational flexibility for the Bank, is an integral part of the continued growth of the Bank, and is in the best interests of the Bank's stockholders,\" said Richard Gillespie, Chairman of the Board of the Bank.\nEdward Dietzler, President and Chief Executive Officer of the Bank, stated: \"The formation of the holding company will provide more efficient access to capital if the need arises and will create flexibility in the overall corporate 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 to take advantage of future opportunities as they arise.\"\nThe holding company formation will not impact the Bank's operations. The Bank will continue to provide its full range of financial services comprised of personal and business lending and deposit services. The Bank's headquarters will remain in, and the holding company's headquarters will be located in, Princeton, New Jersey.\nThe Bank anticipates completing the reorganization at the end of the second quarter or the beginning of the third quarter of 2022, subject to stockholder and regulatory approval.\nAbout The Bank of Princeton\n The Bank of Princeton is a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank 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, Pennsylvania area. T...