1st Constitution Bancorp, parent company of 1st Constitution Bank, and New Jersey Community Bank (NJCB) received approval from NJCB shareholders for their previously announced merger.
At close, NJCB will merge with and into 1st Constitution Bank, with 1st Constitution Bank as the surviving entity. The closing remains subject to a number of conditions as set forth in the agreement, but is expected to occur during April 2018.
The merger agreement stipulates the stock exchange ratio is fixed at 0.1309 of a share of common stock of 1st Constitution for each share of common stock of NJCB, subject to the payment of cash in lieu of fractional shares, based on the average closing price of $19.25 for a share of 1st Constitution common stock during the measurement period specified in the merger agreement. Additionally, it provides that the cash portion of the merger consideration is fixed at $1.60 for each share of common stock NJCB, subject to $0.21 being placed in escrow.
Founded in 2008 and headquartered in Freehold, NJ, New Jersey Community Bank operates two full-service banking offices in Monmouth County, NJ and provides traditional commercial and retail banking services to small businesses and consumers.
1st Constitution Bank operates 18 branch banking offices throughout New Jersey.
