Exhibit 99.1
For Immediate Release
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
Princeton Bancorp, Inc. Announces
Declaration of a $0.30 Quarterly Cash Dividend
Princeton, NJ, July 20, 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, at a meeting held on July 20, 2023, declared a cash dividend of $0.30 per share of the common stock of the Company. This dividend will be paid on August 31
2023 to shareholders of record at the close of business on August 9, 2023. “This dividend reflects the Board of Director’s continuing commitment in providing a return to shareholders,” stated Edward Dietzler, President and CEO.
The paying of cash dividends on a quarterly basis is subject to a determination and declaration each quarter by its Board of Directors, which will take
into account a number of factors, including the financial condition of the Company, and any applicable legal and regulatory restrictions on the payment of dividends by the Company and the Bank. If paid, such dividends may be reduced or eliminated in
future periods.
About Princeton Bancorp, Inc. and The Bank of Princeton
Princeton Bancorp, Inc. is the holding company for The Bank of Princeton, a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial
bank with twenty-two branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville,
Lawrenceville, Monroe Township, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge and Sicklerville. There are also five branches in the Philadelphia, Pennsylvania area and three in New York. The Bank of
Princeton is a member of the Federal Deposit Insurance Corporation (“FDIC”).
Forward-Looking Statements
Princeton Bancorp, Inc. may from time to time make written or oral “forward-looking statements,” including statements contained in the Company’s
filings with the Securities and Exchange Commission, in its reports to stockholders and in other communications by the Company (including this press release), which are made in good faith by the company pursuant to the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended.
These
forward-looking statements involve risks and uncertainties, such as statements of the Company’s plans, objectives, expectations, estimates and intentions that are subject to change based on various important factors (some of which are beyond
the Company’s control). The following factors, among others, could cause the Company’s financial performance to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking
statements: the impact of the recent global coronavirus outbreak, the strength of the United States economy in general and the strength of the local economies in which the Company and the Bank conduct operations; the effects of, and changes in,
trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; inflation, interest rate, market and monetary fluctuations; market volatility; the value of the Bank’s
products and services