1st Constitution Bancorp and New Jersey Community Bank Announce Shareholder Approval of Merger

On Mar 23, 2018

1st Constitution Bancorp, parent company of 1st Constitution Bank, and New Jersey Community Bank announced that, at a special meeting of NJCB shareholders, NJCB shareholders approved the agreement and plan of merger, dated as of November 6, 2017, by and among 1st Constitution, 1st Constitution Bank and NJCB, providing for the merger of NJCB with and into 1st Constitution Bank, with 1st Constitution Bank as the surviving entity of the merger.  The shareholders of 1st Constitution are not voting on the merger.  The closing of the merger remains subject to a number of conditions as set forth in the merger agreement.  The merger is expected to close during April 2018. 

1st Constitution and NJCB previously announced that, in accordance with the terms and conditions of the merger agreement, the stock exchange ratio has been fixed at 0.1309 of a share of common stock of 1ST Constitution for each share of common stock of NJCB, subject to the payment of cash in lieu of fractional shares, based on the average closing price of $19.25 for a share of 1st Constitution common stock during the measurement period specified in the merger agreement.  In addition, the merger agreement provides that the cash portion of the merger consideration is fixed at $1.60 for each share of common stock NJCB, subject to $0.21 being placed in escrow in accordance with the terms and conditions of the merger agreement.

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