The Bank of Princeton Announces Board and Management Changes

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May 03, 2011, 04:44 ET

PRINCETON, N.J., May 3, 2011 /PRNewswire/ -- The Bank of Princeton announced today that Stephen Distler has been elected by the Board to the position of Vice-Chairman. Mr. Distler is a Founder and Director of the Bank. He has spent over 25 years in the financial service industry, mostly as Managing Director and Treasurer at Warburg Pincus, LLC, one of the world's pre-eminent private equity firms. He is active in the community and is a member of the Board of Directors of the University Medical Center of Princeton, where he currently serves as Chairman of the Oversight Committee for the $500 million construction of the new hospital campus.

In his additional role as Vice-Chairman, Mr. Distler will work with the Bank's Chairman, Andrew Chon, and its President, Steve Ackmann, on the continuing strategic and corporate development of the Bank.

The Bank further announced that Michael J. Sanwald has been appointed Chief Financial Officer of The Bank of Princeton. Mr. Sanwald has over 25 years of experience in the financial services industry, with his most recent experience including time as the CFO of Bear Stearns Bank and Trust and Controller of GMAC Bank. Mr. Sanwald is a graduate of LaSalle University, and is a Certified Public Accountant. He resides in Yardley, Pa.

Mr. Sanwald replaces William Siegenthaler, who has left the bank to pursue other professional opportunities. "Bill has helped The Bank of Princeton with our significant growth during his tenure here. We wish him well in his future endeavors," said Steve Ackmann, President of The Bank of Princeton.

About The Bank of Princeton

The Bank of Princeton is a growing, profitable community bank that was founded in Princeton, New Jersey in 2007. It is a New Jersey chartered commercial bank with six branches in New Jersey including two offices Princeton, and offices in Hamilton, Pennington, Montgomery, Monroe Township and soon in Lambertville; and three offices operating under the MoreBank name in the Philadelphia area. The Bank of Princeton is a member of the FDIC, and Equal Opportunity Employer, and an Equal Opportunity Lender.