The Bank of Princeton to expand with South Jersey firm's purchase

Jim Walsh, Cherry Hill Courier-Post
·2 min read

PRINCETON – A Mercer County company has agreed to acquire Cornerstone Bank in a $17.9 million stock transaction.

Princeton Bancorp Inc. will merge with Cornerstone Financial Corp., the South Jersey bank’s holding company, the companies said in a statement.

Cornerstone, founded in 1999, has a main office in Mount Laurel. It has branches in Burlington City, Cherry Hill, Medford, Voorhees and Woodbury.

Following the transaction, Princeton Bancorp will have 28 branches in the Garden State, including South Jersey offices in Bordentown, Browns Mills, Chesterfield, Deptford and Sicklerville.

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The Bank of Princeton, founded in 2007, will have five branches in the Philadelphia area and two in the New York City metropolitan area.

It will have approximately $2.3 billion in total assets, $1.8 billion in loans and $2.0 billion in deposits.

The much smaller Cornerstone had about $321 million in assets, $276 million in loans, and $290 million of deposits at Sept. 30, 2023, the statement said.

“Cornerstone represents the second acquisition we have announced in the last 15 months, and further supports our growth in the southern New Jersey market,” said Edward J. Dietzler, president and CEO of the Princeton-based firm..

Princeton Bancorp last year paid $25.4 million for Noah Bank, a six-branch business with headquarters in Fort Lee.

Dietzler said Cornerstone's acquisition “will enhance our long-term profitability metrics and earnings growth rate.”

Gene D'Orazio, Cornerstone’s president and CEO, predicted his bank’s customers would benefit “from expanded financial products and resources, as well as greater access to additional full-service bank locations throughout the Philadelphia and South Jersey market.”

The sale is subject to required approvals from Cornerstone shareholders and bank regulators. It's expected to close in this year’s second or third quarter.

Jim Walsh is a senior reporter for the Courier-Post, Burlington County Times and The Daily Journal. Email: Jwalsh@cpsj.com.

This article originally appeared on Cherry Hill Courier-Post: The Bank of Princeton plans to add offices in South Jersey