The Bank of Princeton will not be merged with Investors Bank. Investors Bancorp and the Bank of Princeton announced Tuesday that they have entered into a “mutual termination agreement” to end the merger agreement.
Bank representatives said the regulatory approval of the application submitted by Investors Bank to the Federal Deposit Insurance Corporation would not be obtained prior to the March 31, 2017 termination deadline in the merger agreement.
Each bank will bear its own costs and expenses in connection with the terminated transaction without penalties, and have mutually released each other from any claims of liability to one another relating to the merger transaction, bank officials said in a statement.
Investors Bank, based in Short Hills, operates 148 branches in New Jersey and New York. As of Sept. 30, 2016, Investors Bancorp had total assets of $22.5 billion, total deposits of $15 billion and stockholders’ equity of $3.1 billion.
The Bank of Princeton is a community bank founded in 2007. The bank is a New Jersey state-chartered commercial bank with ten branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville, and New Brunswick. There are also three branches in the Philadelphia area operating as MoreBank, a division of The Bank of Princeton. The Bank of Princeton is a member of the Federal Deposit Insurance Corporation.
In September, Planet Princeton last reported on the merger and the possibility that an investor might be challenging the merger.