Princeton Bancorp To Acquire Cornerstone Financial Corporation - Quick Facts

(RTTNews) - Princeton Bancorp, Inc. (BPRN), the parent company of The Bank of Princeton, and Cornerstone Financial Corporation, the parent company of Cornerstone Bank, have entered into a definitive agreement and plan of merger pursuant to which Princeton Bancorp will acquire Cornerstone in a deal valued at approximately $17.9 million.

Cornerstone will merge with, into and under the charter of Princeton Bancorp. In the merger, each share of Cornerstone common stock outstanding will be exchanged for 0.24 shares of Princeton Bancorp, having a value of $8.16 per share. The transaction is projected to be 21% accretive to Princeton Bancorp's 2025 earnings per share on a GAAP basis and 16% accretive on a cash basis.