Princeton Bancorp Inc., the recently formed holding company for the Bank of Princeton, and Noah Bank completed their previously announced merger May 19 – a deal valued at approximately $25.4 million.
Under the terms of the move, originally unveiled in October 2022, Noah merged with and into the Bank of Princeton, with the Bank of Princeton surviving the merger under its charter and bylaws. On its website, the now-former Noah Bank notified its customers that “As of Monday, May 22, 2023, Noah Bank began operating as The Bank of Princeton.”
At the close of the deal, the former Noah shareholders became entitled to receive $6 in cash for each outstanding share of Noah common stock.
The joint company is projected to have assets of approximately $1.8 billion.
The Bank of Princeton now operates 30 banking offices with 22 branches in New Jersey: three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park Pennington, Princeton Junction, Quakerbridge and Sicklerville. The remaining locations are in the Philadelphia and New York metropolitan areas.
As for leadership transitions, Hyunjun An, Noah’s acting president and chief financial officer, joined the Bank of Princeton team as a senior vice president, and a few of Noah’s board members were appointed to an advisory board for Noah’s market area.
“We are pleased to start the first half of 2023 by welcoming the customers and employees of Noah Bank to The Bank of Princeton,” President and CEO Edward Dietzler said in a statement, adding that the addition of Noah’s branches “strengthens our position to create value for customers and communities in the Philadelphia to New York City corridor.”
Founded in 2004, Noah’s six branches serve businesses and consumers primarily in the Asian-American communities of southeastern Pennsylvania, northern New Jersey, Manhattan and Flushing, N.Y.
Princeton Bancorp Inc. and The Bank of Princeton finalized their reorganization plans Jan. 10, making Princeton Bancorp the holding company of the bank.