The Bank of Princeton has entered into an agreement to buy five branches of Beneficial Bank in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville.
Beneficial has been acquired by WSFS Bank, and the merger is expected to be finalized in the first quarter of this year. The five branches the Bank of Princeton will purchase were determined to be “outside of the combined core footprint” of the merged company.
The purchase agreement provides for the transfer by Beneficial Bank to The Bank of Princeton of $190 million in deposits, the land and buildings associated with four Beneficial Bank branches, and other assets in exchange for $2.66 million, the net book value of other assets, and a deposit premium equal to 7.37% of the average daily deposits for 30 days ending on the third business day before the closing.
The purchase of the branches by The Bank of Princeton is subject to regulatory approval and certain conditions being met, including the closing of WSFS’ acquisition of Beneficial. The Bank of Princeton expects to close on its acquisition of the five Beneficial Bank branches in the second quarter of 2019. The branches will then operate under The Bank of Princeton name.
The Bank of Princeton is a community bank founded in 2007. The bank has eleven branches in New Jersey, including three in Princeton and others in Cream Ridge, 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.