Bancorp New Jersey holds annual shareholders' meeting.SOMERVILLE, N.J.--(BUSINESS WIRE)--May 26, 1995--At the Bancorp New Jersey (NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). :BCNJ) annual meeting today in Somerville, New Jersey Somerville is a borough in Somerset County, New Jersey, United States. As of the United States 2000 Census, the borough population was 12,423. It is the county seat of Somerset CountyGR6. , Beatrice D'Agostino, Chairman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. reviewed the company's performance, calling 1994 a "landmark year." The company experienced 12 months of outstanding performance in 1994. The focal point focal point n. See focus. of 1995, however, was the January announcement that Bancorp entered into a merger agreement with UJB UJB Uncle John's Band UJB United Jersey Bank Financial Corp., of Princeton, according to D'Agostino. At the meeting, shareholders overwhelmingly approved the merger transaction, which is expected to be completed by the third quarter of 1995. UJB will acquire Bancorp for a combination of cash and stock. The final transaction price will be determined by the price of UJB Financial stock over a pricing period prior to the closing. "At Bancorp New Jersey, we have always taken pride in the company's ability to build shareholder value and, at the same time, deliver the kind of service that the bank's customers demand and deserve," said D'Agostino. "The merger offers an excellent return for BCNJ shareholders and customers will gain from enhanced banking capabilities that UJB Financial can provide. Bancorp's excellent performance continued in the first quarter of 1995, with net income from operations increasing by more than 20 percent over the previous year to 48 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . During the same period, stockholders' equity jumped to $51.8 million from $48 million. D'Agostino told shareholders and customers that, "As an integral part of the UJB Financial family, we are confident that the tenets we have built Bancorp New Jersey upon will continue for years to come." Bancorp New Jersey Inc., headquartered in Somerville, is the parent company of the 124-year-old New Jersey Savings Bank, with twelve retail banking offices in Somerset, Hunterdon and Mercer counties. New Jersey Savings Bank is a member of the Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). CONTACT: Bancorp New Jersey Inc., Somerville Beatrice D'Agostino, Chairman, President & CEO 908/722-0600 |
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