PRINCETON, N.J., Oct. 1 /PRNewswire/ -- The Bank of Princeton today announced that it has completed its merger with MoreBank, a Philadelphia based, Pennsylvania state-chartered bank.
As a result of the merger, MoreBank shareholders will receive .4 shares of The Bank of Princeton for each MoreBank share. MoreBank shareholders will receive instructions for exchanging their shares for The Bank of Princeton shares shortly.
In connection with the merger, former MoreBank Directors will form the Advisory Board for the MoreBank division. Paul Hyon, President and CEO of MoreBank will join The Bank of Princeton as President of the MoreBank division.
MoreBank offices will become branches of The Bank of Princeton, and continue normal operations under the MoreBank name. All MoreBank customers should continue to use MoreBank branches and services as usual. When the operational conversions are completed over the next quarter, MoreBank customers will have access to all of The Bank of Princeton's offices, ATMs, and the National Allpoint Network of over 37,000 surcharge-free ATMs. The Bank of Princeton will provide comprehensive information to customers prior to conversion of the MoreBank branches to The Bank of Princeton systems during the fourth quarter of 2010.
The combined MoreBank and The Bank of Princeton will have eight (8) branches in New Jersey and Pennsylvania and will have approximately $475 Million in assets as of September 30, 2010. MoreBank's affiliation with The Bank of Princeton will bring expanded service and lending capabilities to the bank and its customers, and will enable it to continue to serve and expand its growing Asian market.
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.
Forward Looking Statements. This press release contains forward-looking statements concerning The Bank of Princeton, including the planned integration and expected benefits of the merger with MoreBank. We caution that such statements are subject to a number of uncertainties and readers should not place undue reliance on any forward-looking statements. Forward-looking statements in this press release are subject to the following risks and uncertainties related both to the integration of the MoreBank business into The Bank of Princeton after closing and to the operation of the business generally: the transaction may be substantially more expensive to complete (including the integration of MoreBank's businesses) and the anticipated benefits, including anticipated cost savings and strategic gains, may be significantly harder or take longer to achieve than expected or may not be achieved in their entirety as a result of unexpected factors or events; and there can be no assurance as to actual future results, which could be impacted by various factors, including the risks and uncertainties generally related to The Bank of Princeton's and MoreBank's performance, including exposure to economic conditions, interest rate risk, credit risk, competition and other factors. The Bank of Princeton does not undertake, and specifically disclaims, any obligation to publicly release the results of any revisions that may be made to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
SOURCE The Bank of Princeton