The Bank of Princeton (the “Bank”) (NASDAQ – BPRN) and Noah Bank ("Noah") jointly announced today that they have entered into a definitive agreement and plan of merger pursuant to which the Bank will acquire Noah in an all-cash transaction valued at approximately $25.4 million, or $6.00 per share, as part of the Bank’s ongoing strategy to expand its presence in its core markets. Under the terms of the merger agreement, which has been approved by the boards of directors of both companies, the Bank will acquire all the outstanding shares of Noah in exchange for the purchase price. The transaction is subject to receipt of all required banking regulatory approvals, Noah stockholder approval and certain financial and other contingencies. The transaction is expected to close in the second quarter of 2023.
Janney Served as Financial Advisor to The Bank of Princeton.
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 19 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Hamilton, Lakewood, Lambertville, Lawrenceville, Monroe, New Brunswick, Pennington, Piscataway, Princeton Junction, Quakerbridge and Sicklerville. There are also four branches in the Philadelphia, Pennsylvania area. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation (“FDIC”).
The Bank plans to reorganize into a bank holding company structure pursuant to which the Bank will become a wholly owned subsidiary of a newly formed corporation known as Princeton Bancorp, Inc. The Bank has received all stockholder and regulatory approvals necessary to do so. The Bank plans to complete this reorganization in the first quarter of 2023.