PRINCETON, N.J., May 19, 2023
/PRNewswire/ -- Princeton Bancorp, Inc. (the "Company") (NASDAQ
– BPRN), the holding company for The Bank of Princeton ("TBOP"), and Noah Bank ("Noah") jointly announced
today the completion of the merger of TBOP and Noah as of
May 19, 2023. The parties previously
announced the execution of an agreement and plan of merger on
October 19, 2022. Under the
agreement, Noah merged with and into TBOP with TBOP surviving the
merger under TBOP's charter and bylaws.
TBOP now operates 30 banking offices with 22 branches in
New Jersey, including three in
Princeton and others in
Bordentown, Browns Mills, Chesterfield, Cream
Ridge, Deptford,
Fort Lee, Hamilton, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park Pennington,
Princeton Junction, Quakerbridge
and Sicklerville; five branches in
the Philadelphia, Pennsylvania
area, and three in the New York
metropolitan area. With the addition of Noah, the Company is
projected to have assets of approximately $1.8 billion.
The Company's President and CEO, Edward
Dietzler, said, "We are pleased to start the first half of
2023 by welcoming the customers and employees of Noah Bank to The Bank of Princeton. The Bank of Princeton's relationship-based,
community focused culture aligns well with Noah Bank's mission and values. The contiguous
combination of Noah Bank's northern
New Jersey and New York branches
with our 24 branch network and strong New
York City lending platform strengthens our position to
create value for customers and communities in the Philadelphia to New
York City corridor."
Upon completion of the acquisition of Noah, the former Noah
shareholders became entitled to receive $6.00 in cash for each outstanding share of Noah
common stock, resulting in a total transaction value for the Noah
transaction of approximately $25.4
million. Effective as of the completion of the Noah
transaction, certain members of the Noah board of directors were
appointed to a TBOP advisory board for Noah's market area.
Hyunjun An, Noah's Acting President
and Chief Financial Officer, joined the TBOP team as a Senior Vice
President.
About the Company and TBOP
The Company was formed in 2022 and is the holding company for
TBOP. TBOP is a community bank founded in 2007. TBOP is a
New Jersey state-chartered
commercial bank with 22 branches in New
Jersey, including three in Princeton and others in Bordentown, Browns
Mills, Chesterfield,
Cream Ridge, Deptford, Fort
Lee, Hamilton, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park Pennington,
Princeton Junction, Quakerbridge
and Sicklerville. There are also five branches in the
Philadelphia, Pennsylvania area
and three in the New York
metropolitan area. TBOP is a member of the Federal Deposit
Insurance Corporation ("FDIC").
Cautionary Note Regarding Forward-Looking Statements
This 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
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements. The most
significant factor that could cause future results to differ
materially from those anticipated by our forward-looking statements
include the ongoing impact of higher inflation levels, higher
interest rates and general economic and recessionary concerns, all
of which could impact economic growth and could cause a reduction
in financial transactions and business activities, including
decreased deposits and reduced loan originations, our ability to
manage liquidity in a rapidly changing and unpredictable market,
supply chain disruptions, labor shortages and additional interest
rate increases by the Federal Reserve. Other factors that could
cause actual results to differ materially from those indicated by
forward-looking statements include, but are not limited to, the
following factors: the impact of any future pandemics or other
natural disasters; civil unrest, rioting, acts or threats of
terrorism, or actions taken by the local, state and Federal
governments in response to such events, which could impact business
and economic conditions in our market area, the strength of
the United States economy in
general and the strength of the local economies in which the
Company and TBOP conduct operations; the effects of, and changes
in, trade, monetary and fiscal policies and laws, including
interest rate policies of the Board of Governors of the Federal
Reserve System; inflation, interest rate, market and monetary
fluctuations; market volatility; the value of TBOP's products and
services as perceived by actual and prospective customers,
including the features, pricing and quality compared to
competitors' products and services; the willingness of customers to
substitute competitors' products and services for TBOP's products
and services; credit risk associated with TBOP's lending
activities; risks relating to the real estate market and TBOP's
real estate collateral; the impact of changes in applicable laws
and regulations and requirements arising out of our supervision by
banking regulators; other regulatory requirements applicable to the
Company and TBOP; and the timing and nature of the regulatory
response to any applications filed by the Company and TBOP;
technological changes; acquisitions including the Company's
acquisition of Noah; difficulties and delays in integrating the
businesses of Noah and TBOP or fully realizing cost savings and
other benefits; changes in consumer spending and saving habits;
those risks set forth in the Company's Annual Report on Form 10-K
for the year ended December 31, 2022
under the heading "Risk Factors," and the success of the Company at
managing the risks involved in the foregoing. The inclusion of this
forward-looking information should not be construed as a
representation by the Company, TBOP or any person that future
events, plans, or expectations contemplated by the Company or TBOP
will be achieved. The Company does not undertake any obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events, or otherwise, except
as required by law.
For The Bank of Princeton and
Princeton Bancorp, Inc.:
Edward J. Dietzler, President and
CEO
Phone: (609) 454-0717
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SOURCE The Bank of Princeton
