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Banking on Princeton
Around the State – Central JerseyPRINCETON Here comes the townÂs first new community bank in 25 years. The Bank of Princeton will be based in Princeton Township and owned by a trio of financial veterans: Peter M. Crowley, president and CEO; Stephen Distler, co-founder and chairman; and Ross Wishnick, co-founder and board member. If all goes right, the bank expects to open its first branch early next year at 21 Chambers St. in Princeton Borough. A second branch, to be set in Princeton Township, is in the works.
The founders say the institution will fill an unmet need. ÂThe banks in the area are the larger entities servicing major corporate clients. Our niche is the small to medium-sized business, says Wishnick.
In the next few weeks, the bankÂs founders will be canvassing for potential investors to raise an estimated $12 million to $25 million in capital. Investments will range from $10,000 to $1 million. So far the new bankers have signed up a group of 20 incorporators, 10 of whom will be on the bankÂs first set of board of directors.
