PRINCETON, N.J., Oct. 22,
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
October 22, 2024, declared a cash
dividend of $0.30 per share of the
common stock of the Company. This dividend will be paid on
November 28, 2024, to shareholders of
record at the close of business on November
5, 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 28 branches in
New Jersey, including three in
Princeton and others in
Bordentown, Browns Mills, Burlington, Chesterfield, Cherry
Hill, Cream Ridge,
Deptford, Fort Lee, Hamilton, Kingston, Lakewood, Lambertville, Lawrenceville, Medford, Monroe, Moorestown, New
Brunswick, Palisades Park,
Pennington, Piscataway, Princeton Junction, Quakerbridge, Sicklerville, Voorhees, and Woodbury. There are also five branches in the
Philadelphia, Pennsylvania area
and two in the New York City
metropolitan area. The Bank of Princeton is a member of the Federal Deposit
Insurance Corporation.
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; 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
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SOURCE The Bank of Princeton