Investment Banking - The Bank of Princeton

Transactions | Banking

Client: The Bank of Princeton
Industry: Banking
Transaction Type: Common Stock Offering
Role: Co-Manager

  • The Bank of Princeton (Nasdaq: BPRN) is a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with ten branches in New Jersey, including three in Princeton and others in Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville, and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area, operating as MoreBank, a division of The Bank of Princeton.
  • BPRN issued 1,725,000 shares of its common stock, which includes 225,000 shares issued pursuant to the full exercise of the underwriters’ option to purchase additional shares,  at a price of 32.00 per share, resulting in gross proceeds of $55.2 million.
  • The company intends to use the net proceeds of this offering for general corporate purposes, including to support additional growth organically through growing its loan portfolio or through strategic acquisitions, financings, investments, and capital expenditures.
  • In conjunction with the transaction, The Bank of Princeton, which previously was quoted on the OTC Pink® Market, began trading on the NASDAQ Global Select Market® under the symbol “BPRN.”
  • Boenning served as a Co-Manager to The Bank of Princeton in the offering.