M&A Deal Summary

The Bank Of Princeton Acquires Cornerstone Bank

On January 18, 2024, The Bank Of Princeton acquired financial services company Cornerstone Bank for 18M USD

Acquisition Highlights
  • This is The Bank Of Princeton’s 2nd transaction in the Financial Services sector.
  • This is The Bank Of Princeton’s largest (disclosed) transaction.
  • This is The Bank Of Princeton’s 2nd transaction in the United States.
  • This is The Bank Of Princeton’s 1st transaction in New Jersey.

M&A Deal Summary
Date 2024-01-18
Target Cornerstone Bank
Sector Financial Services
Buyer(s) The Bank Of Princeton
Deal Type Add-on Acquisition
Deal Value 18M USD
Advisor(s) Janney Montgomery Scott LLC (Financial)
Windels Marx Lane & Mittendorf (Legal)

Target

Cornerstone Bank

Mount Laurel, New Jersey, United States
website
Cornerstone Bank is a bank holding company with approximately $321 million in assets, $276 million in loans, $290 million in deposits, and $23.8 million in consolidated common stockholders' equity as of September 30, 2023. Cornerstone Bank commenced operations in October of 1999 and conducts business from its main office in Moorestown and five additional branch offices located in Medford, Burlington City, Cherry Hill, Voorhees, and Woodbury, New Jersey.

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Buyer(S) 1

Buyer

The Bank Of Princeton

Princeton, New Jersey, United States

website

Category Company
Founded 2007
Sector Financial Services
Employees175
Revenue 73M USD (2022)
DESCRIPTION

The Bank Of Princeton is a state-chartered commercial bank with eleven branches in New Jersey, including three in Princeton and others in Cream Ridge, Hamilton, Pennington, Montgomery, Monroe, Lambertville, Lawrenceville and New Brunswick. There are also three branches in the Philadelphia, Pennsylvania area. The Bank Of Princeton was founded in 2007 and is based in Princeton, New Jersey.

DEAL STATS #
Overall 2 of 2
Sector (Financial Services) 2 of 2
Type (Add-on Acquisition) 1 of 1
State (New Jersey) 1 of 1
Country (United States) 2 of 2
Year (2024) 1 of 1
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-30 Wsfs Financial - Five Bank Branches

United States

Wsfs Financial Corp. - Five Bank Branches is a financial services company located in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville.

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