Business
THE BANK OF PRINCETON SIGNS DEFINITIVE AGREEMENT TO ACQUIRE NOAH BANK
PRINCETON, N.J., Oct. 20, 2022 /PRNewswire/ -- The Bank of Princeton (the "Bank") (NASDAQ – BPRN) and Noah Bank ("Noah") jointly announced today that they
About this update from Princeton Bancorp, Inc.
[{"type":"text","content":"PRINCETON, N.J., Oct. 20, 2022 /PRNewswire/ -- The Bank of Princeton (the \"Bank\") (NASDAQ – BPRN) and Noah Bank (\"Noah\") jointly announced today that they have entered into a definitive agreement and plan of merger pursuant to which the Bank will acquire Noah in an all-cash transaction valued at approximately $25.4 million, or $6.00 per share, as part of the Bank's ongoing strategy to expand its presence in its core markets. Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, the Bank will acquire all of the outstanding shares of Noah in exchange for the purchase price. The transaction is subject to receipt of all required banking regulatory approvals, Noah stockholder approval and certain financial and other contingencies. The transaction is expected to close in the second quarter of 2023.\n\n \n \n \n \n \n \n\n \nBackground on Noah BankWith its legal headquarters in Elkins Park, PA, Noah Bank is a Pennsylvania-chartered FDIC-insured bank that was launched in 2004. Operational headquarters are in Fort Lee, New Jersey. Through its six branches, Noah Bank provides banking products and services to businesses and consumers primarily in the Asian-American communities of Southeastern Pennsylvania, Northern New Jersey, Manhattan, New York and Flushing, New York.\nTransaction HighlightsPurchase price equates to approximately 79.7% of tangible book value as of June 30, 2022. Depending on the final purchase accounting adjustments, the Bank's tangible book value will have modest dilution of approximately 3% with a projected earn-back period of one year.Expected to be accretive to the Bank's earnings per share in the first year after the acquisition closes.Following the transaction, the Bank will have approximately $1.9 billion in total assets, $1.6 billion in loans and $1.6 billion in deposits, with 29 branches serving the southeastern Pennsylvania, New Jersey and the New York City markets.Management CommentaryEdward J. Dietzler, President and CEO, stated, \"This acquisition provides The Bank of Princeton with an excellent opportunity to expand in markets that are a key part of our long-term strategy, while doing so in a manner that is minimally dilutive to tangible book value and accretive to our earnings. It provides a great opportunity to combine two community banks that s...