CITIZENS FIRST BANCORP ANNOUNCES ELECTION OF ALFRED TEO TO BOARD OF DIRECTORS
CITIZENS FIRST BANCORP ANNOUNCES ELECTION
OF ALFRED TEO TO BOARD OF DIRECTORS
GLEN ROCK, N.J., Jan. 29 /PRNewswire/ -- Alfred Teo of Kinnelon, New Jersey Manufacturing Entrepreneur of the Year in 1991, today was elected to the board of directors of Citizens First Bancorp, Inc. (AMEX: CFB) and its subsidiary, Citizens First National Bank of New Jersey, at a special meeting of the Boards at its headquarters here.
Teo, the owner and chief executive officer of a $100 million-plus network of plastics companies, was identified by Board Chairman Samuel M. Lyon, Jr., as the largest single stockholder of Citizens First. "We are delighted that a nationally- recognized business executive of Alfred Teo's caliber has joined us in directing the renaissance of Citizens First," Lyon commented.
Said Teo: "I have great faith in the future of Citizens First and I am pleased at the opportunity to be of service to the clients and stockholders of this exceptional bank."
Teo confirmed that he and his companies owned approximately 9.0 percent, or about 1.9 million shares of Citizens common stock.
Teo owns seven plastics companies in New Jersey, Illinois, Massachusetts and California.
In New Jersey, his holdings include Sigma Extruding Corp. and Omega Plastic Corp. in Lyndhurst, Beta Plastics in Carlstadt, and Delta Plastics Corp. in Newark. He is also co-owner and chairman of Alpha Technologies, Inc., a computer network company in Piscataway.
Teo was born in Singapore in 1946 and was raised on a farm in southern China by his grandparents. At the age of 13 he was sent to attend a boarding school in Hong Kong. In 1968, at the age of 21, he relocated to New York City to pursue his studies at Queens College of CUNY. After graduating with a degree in Accounting and Business Administration, he accepted a job as Comptroller for a troubled plastic bag manufacturer. Within two years he turned the company around and was promoted to the position of Executive Vice President and was offered stock options.
In 1978 he cashed in his stock options and sold his home to start Sigma Extruding Corp., his first company. This has now grown to a group of seven companies with manufacturing facilities in four states. These companies have been named to "the 50 Fastest-Growing Private Companies" by the Business Journal of New Jersey in 1990-1991, and to the "500 Fastest-Growing Private Companies in America" by INC. magazine, also in 1990-1992.
The award of "1991 New Jersey Manufacturing Entrepreneur of the Year" is sponsored annually by INC. magazine, Ernst & Young, and Merrill Lynch.
Married to Annie, he has four sons: Mark, Alan, Alfred, Jr., and Andrew.
/CONTACT: Jack M. Blackin, treasurer of Citizens First, 201-670-2455/
(CFB) CO: Citizens First Bancorp Inc. ST: New Jersey IN: FIN SU: PER SB -- NY064 -- 4813 01/29/92 14:27 EST