The Bank of Princeton announced that it has successfully completed the previously announced acquisition of five branches located in Bordentown, Browns Mills, Chesterfield, Deptford, and Sicklerville, in New Jersey.
The branches were part of Beneficial Bank, which was recently acquired by Wilmington-based WSFS. The branches were at the edge of Beneficial’s market area.
WSFS plans to close about a quarter of the combined Beneficial and WSFS branches over the next couple of years and invest in technology upgrades as more banking and financial transactions move online.
With the completion of the acquisition, The Bank of Princeton will be adding approximately $180 million in deposits and increase the number of branches to 19..This acquisition expands the footprint of the Bank into Burlington, Gloucester and Camden Counties, in New Jersey.
The Bank of Princeton is a community bank founded in 2007. The Bank is a New Jersey state-chartered commercial bank with sixteen branches in New Jersey.