PRINCETON, N.J., April 30, 2019 /PRNewswire/ -- The Bank of Princeton (Nasdaq: BPRN) has received all bank regulatory approvals to acquire the five WSFS Bank branches located in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville. The closing of the purchase of the five locations is scheduled for May 17, 2019, with a conversion date of May 20, 2019, at which time the five WSFS Bank branches will begin operating as The Bank of Princeton branches.
The proposed acquisition would expand the footprint of The Bank of Princeton into Burlington, Gloucester and Camden Counties. "All five WSFS Bank branches fit nicely into the strategic plan of The Bank of Princeton, filling in the geography between Princeton, NJ and Philadelphia, PA," stated Edward Dietzler, President & CEO of The Bank of Princeton. "We are delighted with this opportunity and excited to bring our friendly, caring and personalized banking experience to these new markets. It truly is an exciting time in the evolution of The Bank of Princeton," declared Richard Gillespie, Chairman of the Board.
About The Bank of Princeton
The Bank of Princeton is a community bank founded in 2007. The Bank of Princeton is a New Jersey state-chartered commercial bank with eleven branches in New Jersey, including three in Princeton and others in Cream Ridge, Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation ("FDIC").
Cautionary Statement Regarding Forward-Looking Information
This release contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements can often, but not always, be identified by the use of words like "believe", "continue", "pattern", "estimate", "project", "intend", "anticipate", "expect" and similar expressions or future or conditional verbs such as "will", would", "should", "could", "might", "can", "may", or similar expressions. These statements include statements of The Bank of Princeton's goals, intentions and expectations; statements regarding The Bank of Princeton's business plan and growth strategies; statements regarding the asset quality of The Bank of Princeton's loan and investment portfolios; and estimates of The Bank of Princeton's risks and future costs and benefits. These forward-looking statements are subject to significant risks, assumptions and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things: possible changes in monetary and fiscal policies, and laws and regulations; the effects of easing restrictions on participants in the financial services industry; the cost and other effects of legal and administrative cases; possible changes in the credit worthiness of customers and the possible impairment of collectability of loans; fluctuations in market rates of interest; competitive factors in the banking industry; changes in the banking legislation or regulatory requirements of federal and state agencies applicable to banks like The Bank of Princeton; continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; and changes in market, economic, operational, liquidity, credit and interest rate risks associated with The Bank of Princeton's business. The Bank of Princeton does not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this press release. In addition, The Bank of Princeton's past results of operations do not necessarily indicate its anticipated future results
George S. Rapp
Executive Vice President & CFO
SOURCE The Bank of Princeton