The Bank of Princeton entered into a purchase and assumption agreement to acquire five Beneficial Bank branches in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville, NJ.
The five retail banking offices were identified by WSFS Bank as being outside of the combined core footprint of Beneficial and WSFS following the previously announced merger of the two companies, which is expected to close in the first quarter of 2019.
The purchase and assumption agreement will include $190 million in deposits, the land and buildings associated with four branches and other assets in exchange for $2.66 million, the net book value of such other assets and a deposit premium equal to 7.37% of the average daily deposits for 30 days ending on the third business day preceding closing.
The purchase of the branches by The Bank of Princeton is subject to regulatory approval and satisfaction of certain conditions, including the closing of WSFS’ acquisition of Beneficial.
The Bank of Princeton expects closing to occur in the second quarter of 2019, at which point they will be converted to operate under The Bank of Princeton name.
Boenning & Scattergood acted as financial advisor and Covington & Burling as legal counsel to WSFS Bank. The Bank of Princeton was represented by the law firm of Stevens & Lee.
Founded in 2007, The Bank of Princeton is a community bank with 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.