The Bank of Princeton on Monday said it completed the previously announced acquisition of Noah Bank in an all-cash transaction valued at approximately $25.4 million.
As of Friday, Noah has now merged with and into TBOP, with TBOP surviving the merger under TBOP’s charter and bylaws.
TBOP now operates 30 banking offices with 22 branches in New Jersey, including three in Princeton and others in Bordentown, Browns Mills, Chesterfield, Cream Ridge, Deptford, Fort Lee, Hamilton, Lambertville, Lawrenceville, Lakewood, Monroe, New Brunswick, Palisades Park Pennington, Princeton Junction, Quakerbridge and Sicklerville; five branches in the Philadelphia area; and three in the New York metropolitan area.
With the addition of Noah, the company is projected to have assets of approximately $1.8 billion.
“We are pleased to start the first half of 2023 by welcoming the customers and employees of Noah Bank to the Bank of Princeton. The Bank of Princeton’s relationship-based, community focused culture aligns well with Noah Bank’s mission and values. The contiguous combination of Noah Bank’s northern New Jersey and New York branches with our 24 branch network and strong New York City lending platform strengthens our position to create value for customers and communities in the Philadelphia to New York City corridor,” the company’s CEO and president, Edward Dietzler, said.
Hyunjun An, Noah’s acting president and chief financial officer, joined the TBOP team as a senior vice president.