FORT LEE, N.J., Feb. 26, 2015 (GLOBE NEWSWIRE) -- Bancorp of New Jersey, Inc. (NYSE MKT:BKJ), holding company for Bank of New Jersey, has priced a $9.5 million private placement of its common stock. Investors have agreed to purchase an aggregate of 868,057 shares of common stock at a price of $10.95 per share, the closing per share price of the company's common stock on the NYSE MKT on February 25, 2015. Subject to the satisfaction of customary closing conditions, the placement is expected to close on March 2, 2015.
Bancorp of New Jersey intends to contribute the proceeds of the private placement to its banking subsidiary, Bank of New Jersey, to enhance its capital, fund future growth and for general working capital. Each of the investors in the private placement is a member of the company's board of directors or related party. Sandler O'Neill & Partners, L.P. served as financial advisor to the pricing committee of disinterested directors.
Michael Lesler, Chief Executive Officer of Bancorp of New Jersey, Inc., said, "The private placement allowed us to raise capital to provide capacity for future growth of the Bank in a manner that was very cost efficient, as we were able to eliminate most of the usual and customary offering costs and avoid any market or underwriting discounts. Further, we believe that the investments by the directors who subscribed to the private placement is a strong statement regarding the future prospects of Bancorp of New Jersey."
The shares of common stock were offered and are being sold in a private placement pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. The shares have not been registered under the Securities Act, or the securities laws of any other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell, or a solicitation of an offer to purchase, shares in any jurisdiction in which such offer or solicitation would be unlawful.
About Bank of New Jersey
Bank of New Jersey, headquartered at 1365 Palisade Avenue, Fort Lee, New Jersey, offers convenient hours and a high level of service for traditional consumer and commercial products and services. The Bank currently has 9 branch offices located in Fort Lee (3 locations), Hackensack, Haworth, Harrington Park, Englewood, Cliffside Park, and Woodcliff Lake, all in Bergen County, NJ. Construction has begun on a tenth location in Englewood Cliffs, NJ, which has received regulatory approvals. All locations are in Bergen County, NJ.
For more information about Bank of New Jersey and its products and services, please visit http://www.bonj.net or call 201-944-8600.
If you would like to receive future Bancorp of New Jersey announcements electronically, please email us at shareholder@bonj.net
Forward-Looking Statements
This press release and other statements made from time to time by Bancorp of New Jersey's management contain express and implied statements relating to our future financial condition, results of operations, credit quality, corporate objectives, and other financial and business matters, which are considered forward-looking statements. These forward-looking statements are necessarily speculative and speak only as of the date made, and are subject to numerous assumptions, risks and uncertainties, all of which may change over time. Actual results could differ materially from those expected or implied by such forward-looking statements. Risks and uncertainties which could cause our actual results to differ materially and adversely from such forward-looking statements include economic conditions affecting the financial industry; changes in interest rates and shape of the yield curve; credit risk associated with our lending activities; risks relating to our market area, significant real estate collateral and the real estate market; operating, legal and regulatory risk; fiscal and monetary policy; economic, political and competitive forces affecting our business; and that management's analysis of these risks and factors could be incorrect, and/or that the strategies developed to address them could be unsuccessful. Any statements made that are not historical facts should be considered to be forward-looking statements. You should not place undue reliance on any forward-looking statements. We undertake no obligation to update forward-looking statements or to make any public announcement when we consider forward-looking statements to no longer be accurate, whether as a result of new information of future events, except as may be required by applicable law or regulation.