Investment Banking - Bank of Princeton

Transactions | Banking

Client: Bank of Princeton
Industry: Banking
Transaction Type: Branch Acquisition
Role: Sell-Side Advisor

  • Beneficial Bancorp, Inc. (Nasdaq: BNCL) (“Beneficial”), is a community-based, diversified financial services company providing consumer and commercial banking services. Its principal subsidiary, Beneficial Bank, has served individuals and businesses in the Delaware Valley area since 1853. As of December 31, 2018, Beneficial had $5.81 billion in assets on its balance sheet and 61 banking offices in the greater Philadelphia and South New Jersey regions.
  • The Bank of Princeton (Nasdaq: BPRN) (“Bank of Princeton”) is a community bank founded in 2007. Bank of Princeton is a New Jersey state-chartered commercial bank with eleven branches in New Jersey. There are also three branches in the Philadelphia, Pennsylvania area, operating as MoreBank, a division of The Bank of Princeton.
  • In connection with WSFS Financial Corporation’s (Nasdaq: WSFS) (“WSFS”) proposed combination with Beneficial, Beneficial Bank, will sell five New Jersey banking offices to Bank of Princeton. The branches are located in the following New Jersey communities: Bordentown, Chesterfield, Deptford, Sicklerville, and Browns Mills.
  • Bank of Princeton will purchase the five retail banking offices and approximately $190 million in customer deposits in a transaction with a deposit premium equal to 7.37% of the average daily deposits for 30 days ending on the third business day preceding closing (approximately $14 million).
  • The acquisition closed Q2, 2019.
  • Boenning served as financial advisor to WSFS, as successor in interest to Beneficial Bank during its planned merger into WSFS Bank.