PRINCETON, N.J., Dec. 22, 2015 /PRNewswire/ -- Richard Gillespie, one of the founding Board members of The Bank of Princeton, has been elected Chairman of the Board of the billion dollar bank. His election is effective January 1, 2016.
Gillespie has served on the Bank's Board of Directors since its founding and is a member of the Audit, ALCO, Compliance and Human Resources and Compensation committees, the latter of which he chairs.
Mr. Gillespie replaces Andrew Chon who has served as Chairman for the past seven years. Mr. Chon's leadership was a key catalyst in the Bank's explosive growth to over $1 billion in assets.
"We are extremely grateful for Andrew's efforts and the large amount of time he has devoted to the bank over the last seven years," said Gillespie. "It was primarily his tireless efforts that led to our bank's explosive growth," he added. Mr. Chon will also leave his Board of Directors seat, as he spends more time with an international entrepreneurial enterprise.
Mr. Gillespie is a seasoned businessman with experience in both founding and growing companies. He is the former Founder and President of Gillespie Advertising. Starting with just $1500.00 in initial capital, he grew the company to become the largest general advertising agency in New Jersey and one of the 65 largest advertising agencies in America. He sold the firm to McCann Erickson of New York City and later served on both the North American and Worldwide Boards of the firm's relationship marketing division.
He is also a Partner and Vice Chairman of Mediguide, a healthcare services company, headquartered in Delaware, that sells its services through insurance companies worldwide.
A long time Hopewell resident, Gillespie is the father of six children. He has been active in the community for the past 30 years, most notably with Catholic Charities and Thomas Edison State College Foundation Board, which he served as Chairman.
About The Bank of Princeton
The Bank of Princeton is a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with ten branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, New Brunswick, and Lawrenceville. There are also three branches in the Philadelphia area, operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (the "FDIC").
The Bank of Princeton (the "Bank") may from time to time make written or oral "forward-looking statements," including statements contained in the Bank's filings with the FDIC, in its reports to stockholders and in other communications by the Bank, including this press release, which are made in good faith by the Bank pursuant to the "safe harbor" provisions of Section 21E of the Securities Exchange Act of 1934, as amended.
These forward-looking statements involve risks and uncertainties, such as statements of the Bank's plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond the Bank's control). The following factors, among others, could cause the Bank's financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements: the strength of the United States economy in general and the strength of the local economies in which the Bank conducts operations; the effects of, and changes in, 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 our products and services as perceived by actual and prospective customers, including the features, pricing and quality compared to competitors' products and services; our borrowers' ability to repay their loans; changes in the real estate market that can affect real estate that serves as collateral for some of our loans; the adequacy of our allowance for loan losses and our methodology for determining such allowance; the willingness of customers to substitute competitors' products and services for the Bank's products and services; the impact of changes in applicable laws and regulations; changes in technology or interruptions and breaches in security of our information systems; acquisitions; changes in consumer spending and saving habits; and the success of the Bank at managing the risks involved in the foregoing.
The Bank cautions that the foregoing list of important factors is not exclusive. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank, except as required by applicable law or regulation.
Contact Barbara Cromwell
SOURCE The Bank of Princeton