Princeton Bancorp commits to amend articles to preserve shareholder rights in holding company reorganization

Princeton Bancorp, Inc.

• Company will allow shareholders with 20% of votes to call special meetings, reduce bylaw amendment vote to majority, and eliminate supermajority exceptions for articles amendments.
• Proxy advisor criticized reorganization for raising shareholder vote thresholds to two-thirds and removing special meeting rights; company says it will address majority of concerns.
• Two-thirds vote to amend bank's charter is a New Jersey statutory requirement that cannot be changed by the board.
• Proxy advisor recommended withholding votes for governance committee members due to supermajority vote; company argues it is statutory and will be eliminated post-reorganization.
• One director attended 100% of board and ALCO meetings but only 46% of Loan Committee meetings; company urges support for all nominees.