PRINCETON, N.J. and
PHILADELPHIA, Feb. 4, 2019 /PRNewswire/ -- The Bank of
Princeton (Nasdaq: BPRN) and
Beneficial Bancorp, Inc. ("Beneficial") (Nasdaq: BNCL) today
announced that Beneficial Bank, a wholly-owned subsidiary of
Beneficial, has entered into a purchase and assumption agreement to
sell five branches in Bordentown,
Browns Mills, Chesterfield, Deptford, and Sicklerville, New Jersey to The Bank of
Princeton. These are the five retail banking offices
previously identified by WSFS Financial Corporation ("WSFS"), and
its subsidiary WSFS Bank, on December 13,
2018 as being outside of the combined core footprint of
Beneficial and WSFS following the previously announced merger of
the two companies, which is expected to close in the first quarter
of 2019.
The purchase and assumption agreement provides for the transfer
by Beneficial Bank to The Bank of Princeton of $190.0
million in deposits, the land and buildings associated with
four Beneficial Bank branches, and other assets, in exchange for
[$2.66 million], the net book value
of such other assets, and a deposit premium equal to 7.37% of the
average daily deposits for 30 days ending on the third
business day preceding closing.
The purchase of the branches by The Bank of Princeton is subject to regulatory approval
and satisfaction of certain conditions, including the closing of
WSFS' acquisition of Beneficial. The Bank of Princeton expects to close on its acquisition
of the five Beneficial Bank branches in the second quarter of 2019,
at which point they will be converted to operate under The Bank of
Princeton name.
Boenning & Scattergood, Inc. acted as financial advisor to
WSFS Bank, as successor in interest to Beneficial Bank following
its planned merger with and into WSFS Bank. Covington &
Burling LLP acted as legal counsel to WSFS Bank. The Bank of
Princeton was represented by the
law firm of Stevens & Lee, P.C.
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, operating as
MoreBank, a division of The Bank of Princeton. 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.
Contact:
George S. Rapp, Executive Vice
President and CFO
(609) 454 - 0718
grapp@thebankofprinceton.com
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SOURCE The Bank of Princeton