The Bank of Princeton Completes Capital Offering

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Nov 01, 2011, 03:55 ET

PRINCETON, N.J., Nov. 1, 2011 /PRNewswire/ -- The Bank of Princeton announced today it has concluded its recent capital offering. The offering culminated in the issuance of over 620,000 shares of common stock at a price of $13.75 per share. Over $8.5 million in new capital was raised through the offering.

"We are gratified that so many new investors, existing shareholders and Directors chose to participate in this offering," said Stephen Distler, vice-chairman and co-founder of the bank.

"This offering will enable The Bank of Princeton to continue the exceptional growth we've exhibited since our founding in April, 2007," added Andrew Chon, the bank's chairman.

The bank plans to use capital raised in the offering to support its growth and for general corporate purposes.

Steve Ackmann, the bank's President, commented, "We believe this shows the strong commitment to the continuation of the bank's vision to provide highly personalized banking services that reflect our responsiveness to our customers' needs. We listen, we jointly develop solutions, and in doing so, we help customers realize their financial goals and grow their businesses."

The Bank of Princeton is a growing, profitable community bank founded in 2007, with assets of approximately $600 million. It was recently named one of New Jersey's 50 Fastest Growing Companies by NJBIZ. It is a New Jersey state-chartered commercial bank with seven branches in New Jersey, including two in Princeton and others in Hamilton, Pennington, Montgomery, Monroe Township and Lambertville, and three branches operating under the MoreBank name in the Philadelphia, PA area. The Bank of Princeton is a member of the FDIC.

FORWARD-LOOKING STATEMENTS. This release contains "forward-looking statements," which involve risks and uncertainties. Such statements are not historical facts and include expressions about management's confidence, strategies, and expectations about new and existing programs, products, relationships, opportunities, technologies, and market conditions. These statements may be identified by the use of such words as "believe," "expect," "continue," "anticipate," "should," "may," "strong," "solid," "potential," or similar statements or variations of such terms. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: changes in general, economic and market conditions, both in the bank's market area and nationally, legislative and regulatory conditions, or the development of an interest rate environment which adversely affects our interest rate margin or other income anticipated from operations and investments, changes in monetary policy, the continued viability of our customers and a variety of other matters, most, if not at all, of which are beyond our control. You should not place undue reliance on any forward-looking statements, which only reflect management's analysis as of the date of this release. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements in this release to no longer be accurate, whether as a result of new information or future events.

Contact: Steven C. Ackmann
Phone: (609) 454-0335
Email: [email protected]

SOURCE The Bank of Princeton