Exhibit 99.1
For Immediate Release
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
Princeton Bancorp, Inc. Announces
New Stock Repurchase Program
Princeton,
NJ, August 10, 2023 / PRNewswire / - Princeton Bancorp, Inc. (the “Company”) (NASDAQ – BPRN), the bank holding company for The Bank of Princeton (the “Bank”), announced that its Board of Directors has adopted a new
stock repurchase program. Under the 2023 stock repurchase program, management is authorized to repurchase up to 5% of the Company’s outstanding shares of common stock, with a total cost not to exceed $10.7 million. As of today, five
percent of the Company’s outstanding shares of common stock would be approximately 314,000 shares. Further, under the program the Company cannot purchase any shares unless the per share purchase price is less than the Company’s tangible
book value per share. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be limited, suspended or terminated at any time without prior notice.
Under the stock repurchase program, the Company may repurchase shares of common stock from time to time in open market transactions or in privately negotiated
transactions as permitted under applicable rules and regulations. Open market repurchases will be conducted in accordance with the limitations set forth in Rule 10b-18 under the Securities Exchange Act of 1934
(the “Exchange Act”), and applicable legal requirements. The timing, volume and nature of such purchases will be determined at the sole discretion of the Company’s management at prices the Company considers attractive and in the best
interests of the Company, subject to the availability of stock, general market conditions, trading price, alternate uses for capital, the Company’s financial performance, and applicable securities laws. No assurance can be given that any
particular amount of common stock will be repurchased. All or some portion of the repurchases will be made pursuant to trading plans under Rule 10b5-1 under the Exchange Act, which will permit shares to be
repurchased when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. This repurchase program may be modified, extended or terminated by the Board of Directors at
any time.
About the Company and the Bank
The
Company was formed in 2022 and is the holding company for the Bank. The Bank is a New Jersey state-chartered commercial bank founded in 2007, with 22 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills,
Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge and Sicklerville. There are also five branches
in the Philadelphia, Pennsylvania area and three in the New York metropolitan area. The Bank is a member of the Federal Deposit Insurance Corporation.