Princeton Bancorp (BPRN) to acquire Cornerstone Financial (CFIC) for ~$17.9M

Princeton Bancorp, Inc.

Deal valued at ~$17.9M; each Cornerstone common share exchanged for 0.24 BPRN shares (~$8.16/share at $34.00 close).
Cornerstone had $321M assets, $276M loans, $290M deposits, $23.8M equity as of Sept 30, 2023.
Transaction expected to be 5.7% dilutive to tangible book with 2.5-year earn-back; 21% GAAP EPS accretive in 2025.
Pro forma combined: ~$2.3B assets, 28 branches in NJ, 5 in PA, 2 in NYC.
Expected close in Q2/Q3 2024, subject to regulatory approvals and Cornerstone shareholder vote.

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