The deal is part of a larger plan to open up banks in Princeton and Philadelphia
PRINCETON - The longtime local Bank of Princeton was purchased by Investors Bancorp this week in a $154 million deal.
The new Princeton logo designed by town resident Jeff Leonard. Investors Bancorp, based in Short Hills, executed the merger as part of an effort to expand their business into Princeton and Philadelphia, the bank said in a statement Wednesday.
Once the deal is closed, Investors Bancorp will take the opportunity to add 13 branches of their bank around Princeton and Philadelphia, they said.
"We are pleased to partner with The Bank of Princeton, a commercial bank with a track record of strong profitability and growth," Kevin Cummings, CEO of Investors Bancorp said in the statement.
Members of Investors Bancorp also said they believe Bank of Princeton customers will benefit from the merger because the bank is bringing, "additional retail and business banking products, expanded lending capabilities and capital strength," the statement said.
Anna Merriman may be reached at amerriman@njadvancemedia.com. Follow her on Twitter @anna_merriman Find The Times of Trenton on Facebook.