PRINCETON, N.J., Aug. 10,
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 has adopted a new stock
repurchase program. Under the 2023 stock repurchase program,
management is authorized to repurchase up to 5% of the Company's
outstanding shares of common stock, with a total cost not to exceed
$10.7 million. As of today, five
percent of the Company's outstanding shares of common stock would
be approximately 314,000 shares. Further, under the program the
Company cannot purchase any shares unless the per share purchase
price is less than the Company's tangible book value per share. The
stock repurchase program does not obligate the Company to acquire
any particular amount of common stock, and it may be limited,
suspended or terminated at any time without prior notice.
Under the stock repurchase program, the Company may repurchase
shares of common stock from time to time in open market
transactions or in privately negotiated transactions as permitted
under applicable rules and regulations. Open market repurchases
will be conducted in accordance with the limitations set forth in
Rule 10b-18 under the Securities
Exchange Act of 1934 (the "Exchange Act"), and applicable legal
requirements. The timing, volume and nature of such purchases will
be determined at the sole discretion of the Company's management at
prices the Company considers attractive and in the best interests
of the Company, subject to the availability of stock, general
market conditions, trading price, alternate uses for capital, the
Company's financial performance, and applicable securities laws. No
assurance can be given that any particular amount of common stock
will be repurchased. All or some portion of the repurchases will be
made pursuant to trading plans under Rule 10b5-1 under the Exchange
Act, which will permit shares to be repurchased when the Company
might otherwise be precluded from doing so because of self-imposed
trading blackout periods or other regulatory restrictions. This
repurchase program may be modified, extended or terminated by the
Board of Directors at any time.
About the Company and the Bank
The Company was formed in 2022 and is the holding company for
the Bank. The Bank is a New Jersey
state-chartered commercial bank founded in 2007, with 22 branches
in New Jersey, including three in
Princeton and others in
Bordentown, Browns Mills, Chesterfield, Cream
Ridge, Deptford,
Fort Lee, Hamilton, Kingston, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park, Pennington, Piscataway, Princeton Junction, Quakerbridge and
Sicklerville. There are also five
branches in the Philadelphia,
Pennsylvania area and three in the New York metropolitan area. The Bank is a
member of the Federal Deposit Insurance Corporation.
Cautionary Note Regarding Forward-Looking
Statements
This communication contains forward-looking statements within
the Private Securities Litigation Reform Act of 1995. Forward
looking statements can be identified by words and phrases such as
"going forward," "looking forward," "anticipate," "expect,"
"intend," "believe," "may," "likely," "will" or other statements
that indicate future periods. Such forward-looking statements are
subject to risks, uncertainties, and other factors, which could
cause actual results to differ materially from future results
expressed or implied by such forward-looking statements.
Factors that could cause actual results to differ materially
from those indicated by forward-looking statements include, but are
not limited to, those risks set forth in Part I, Item IA of the
Company's Annual Report on Form 10-K for the year ended
December 31, 2022 under the heading
"Risk Factors," as amended by Part II, Item IA of the Company's
Quarterly Report on Form 10-Q for the quarter ended March 31, 2023, and the success of the Company at
managing such risks. The inclusion of this forward-looking
information should not be construed as a representation by the
Company, the Bank or any person that future events, plans, or
expectations contemplated by the Company or the Bank will be
achieved. The Company does not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise, except as
required by law.
Contact George Rapp
609.454.0718
grapp@thebankofprinceton.com
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SOURCE The Bank of Princeton
