The Bank of Princeton to acquire Cornerstone Bank for $18m.

The Bank of Princeton, a provider of commercial banking services, agreed to acquire Cornerstone Bank, a financial institution offering a full range of banking and loan services in New Jersey, for $18m. "We are thrilled to announce the agreement with Cornerstone Financial. Cornerstone represents the second acquisition we have announced in the last 15 months, and further supports our growth in the southern New Jersey market, while doing so in a manner that is minimally dilutive to tangible book value and accretive to our earnings. It provides a great opportunity to combine two community banks that share a deep commitment to their local markets, fills in our South Jersey branch presence and enhances our core banking franchise. We are excited to welcome Cornerstone's employees, customers, and shareholders to Princeton Bancorp, and we believe this transaction will enhance our long-term profitability metrics and earnings growth rate. This acquisition aligns with our continued vision of being the premier community bank in all of our markets," Edward J. Dietzler, The Bank of Princeton President and CEO.