By Philip Sean Curran, Staff Writer
The Bank of Princeton will be purchased by Investors Bancorp Inc., the parent company of Investors Bank, in a stock and cash deal worth $154 million.
The deal was announced Tuesday.
“This merger will establish an important presence for Investors Bank in Princeton and will introduce us to the Philadelphia market,” said Investor Bancorp president and CEO Kevin Cummings in a news release the company issued.
Bank of Princeton president Edward Dietzler could not be reached for comment. In the same news release, he said: “We believe the Bank of Princeton’s customers and stockholders will benefit greatly from this transaction.”
According to the news release, the deal still needs approval from the Bank of Princeton stockholders and regulators. Investors Bancorp said in the release that it expects close on the deal toward the end of this year.
Bank of Princeton was started in 2007, the brainchild of Stephen Distler and Ross Wishnick, who went to Tufts University together. Current Princeton Regional Chamber of Commerce President and CEO Peter M. Crowley was part of the original leadership team that went public in 2006 with its plans to start the bank.
Mr. Wishnick and Mr. Crowley could not be reached for comment.
