Bank of Princeton Announces Intent to Form Holding Company

On Mar 2, 2022

The Bank of Princeton intends 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 holding company and current stockholders will have the same rights and ownership percentage in the holding company as they currently have in the bank.

“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 its stockholders,” said Richard Gillespie, chairman.

Edward Dietzler, president and CEO, 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.”

The holding company formation will not impact the bank’s operations. The Bank of Princeton 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.

Completion of the reorganization is expected at the end of the second quarter or the beginning of the third quarter of 2022, subject to stockholder and regulatory approval.

The Bank of Princeton, founded in 2007, is a New Jersey state-chartered commercial bank with 19 branches, 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.

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