PRINCETON,
N.J., July 24, 2024 /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 24, 2024, declared a cash dividend of
$0.30 per share of the common stock
of the Company. This dividend will be paid on August 30, 2024, to shareholders of record at the
close of business on August 9,
2024. "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 two in New York. The Bank of
Princeton is a member of the
Federal Deposit Insurance Corporation ("FDIC").
Forward-Looking Statements
The Company 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 most significant factors that
could cause future results to differ materially from those
anticipated by our forward-looking statements include the ongoing
impact of higher inflation levels, higher interest rates and
general economic and recessionary concerns, all of which could
impact economic growth and could cause a reduction in financial
transactions and business activities, including decreased deposits
and reduced loan originations, our ability to manage liquidity in a
rapidly changing and unpredictable market, supply chain
disruptions, labor shortages and additional interest rate increases
by the Federal Reserve. Other factors that could cause actual
results to differ materially from those indicated by
forward-looking statements include, but are not limited to, the
following factors: the integration of the businesses of the Company
and Cornerstone following the completion of the Transaction may be
more difficult, time-consuming or costly than expected; the ability
to obtain required regulatory approvals, and the ability to
complete the Transaction on the expected timeframe may be more
difficult, time-consuming or costly than expected; the global
impact of the military conflicts in the Ukraine and the Middle East; the impact of any future
pandemics or other natural disasters; civil unrest, rioting, acts
or threats of terrorism, or actions taken by the local, state and
Federal governments in response to such events, which could impact
business and economic conditions in our market area; the strength
of the United States economy in
general and the strength of the local economies in which the
Company and 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; market and monetary fluctuations; market
volatility; the value of the Bank's products and services as
perceived by actual and prospective customers, including the
features, pricing and quality compared to competitors' products and
services; the willingness of customers to substitute competitors'
products and services for the Bank's products and services; credit
risk associated with the Bank's lending activities; risks relating
to the real estate market and the Bank's real estate collateral;
the impact of changes in applicable laws and regulations and
requirements arising out of our supervision by banking regulators;
other regulatory requirements applicable to the Company and the
Bank; and the timing and nature of the regulatory response to any
applications filed by the Company and the Bank; technological
changes; other acquisitions; changes in consumer spending and
saving habits; those risks under the heading "Risk Factors" set
forth in the Bank's Annual Report on Form 10-K for the year ended
December 31, 2023, and the
success of the Company at managing the risks involved in the
foregoing.
The Company cautions that the foregoing list of
important factors is not exclusive. The Company does not undertake
to update any forward-looking statement, whether written or oral,
that may be made from time to time by or on behalf of the Company,
except as required by applicable law or regulation.
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/princeton-bancorp-inc-announces-declaration-of-a-0-30-quarterly-cash-dividend-302205830.html
SOURCE The Bank of Princeton
