Under the agreement, Noah merged with and into TBOP with TBOP surviving the merger under TBOP's charter and bylaws.
rinceton Bancorp, Inc. (the “Company”) (NASDAQ – BPRN), the holding company for The Bank of Princeton (“TBOP”), and Noah Bank (“Noah”) jointly announced today the completion of the merger of TBOP and Noah as of May 19, 2023. The parties previously announced the execution of an agreement and plan of merger on October 19, 2022. Under the agreement, Noah merged with and into TBOP with TBOP surviving the merger under TBOP’s charter and bylaws.
TBOP now operates 30 banking offices with 22 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park Pennington, Princeton Junction, Quakerbridge and Sicklerville; five branches in the Philadelphia, Pennsylvania area, and three in the New York metropolitan area. With the addition of Noah, the Company is projected to have assets of approximately $1.8 billion.
The Company’s President and CEO, Edward Dietzler, said, “We are pleased to start the first half of 2023 by welcoming the customers and employees of Noah Bank to The Bank of Princeton. The Bank of Princeton’s relationship-based, community focused culture aligns well with Noah Bank’s mission and values. The contiguous combination of Noah Bank’s northern New Jersey and New York branches with our 24 branch network and strong New York City lending platform strengthens our position to create value for customers and communities in the Philadelphia to New York City corridor.”
Upon completion of the acquisition of Noah, the former Noah shareholders became entitled to receive $6.00 in cash for each outstanding share of Noah common stock, resulting in a total transaction value for the Noah transaction of approximately $25.4 million. Effective as of the completion of the Noah transaction, certain members of the Noah board of directors were appointed to a TBOP advisory board for Noah’s market area. Hyunjun An, Noah’s Acting President and Chief Financial Officer, joined the TBOP team as a Senior Vice President.
Source: Company Press Release