2018 Annual Report
Bayard
Corporate HQ
183 Bayard Lane
Princeton, NJ 08540
www.thebankofprinceton.com
609.921.1700
New Jersey
Pennsylvania
Cheltenham
470 W. Cheltenham Avenue
Philadelphia, PA 19126
215.224.6400
North Wales
1222 Welsh Road
North Wales, PA 19454
215.631.9911
Chinatown
921 Arch Street
Philadelphia, PA 19107
215.923.6200
Chambers
21 Chambers Street
Princeton, NJ 08542
609.921.6800
Nassau
194 Nassau Street
Princeton, NJ 08542
609.921.3311
Montgomery
1185 Route 206 North
Princeton, NJ 08540
609.497.0500
Pennington
2 Route 31 South
Pennington, NJ 08534
609.730.8500
Hamilton
339 Route 33
Hamilton, NJ 08619
609.584.0011
Monroe
1 Rossmoor Drive, Ste 120
Monroe Twp, NJ 08831
609.655.7790
Lambertville
10 Bridge Street
Lambertville, NJ 08530
609.397.0333
New Brunswick
1 Spring Street, Ste 102
New Brunswick, NJ 08901
732.993.0066
Lawrenceville
2999 Princeton Pike
Lawrenceville, NJ 08648
609.882.0500
Cream Ridge
403 Route 539
Cream Ridge, NJ 08514
609.757.1120
Operations Center
403 Wall Street
Princeton, NJ 08540
609.454.0116
Table of Contents
Letter to the Shareholders......................... i–ii
2017 Form 10-K ................................................1
Who We Are..................................................109
A look back with an eye
towards the future.
The Bank of Princeton has experienced many
changes since its opening in 2007, when it
ended its first year with 3 branches and $66.4
million in assets, to its current levels of 14
branches with $1.2 billion in total assets.
With an eye towards the future, the expansion
of our footprint allows for our
community focus to be transported
to new markets where our presence
also can make a difference.
Bank Wisely.
Edward J. Dietzler
President
Chief Executive Officer
The Bank’s capital
position provides a
source of strength to
accomplish future
organic growth and
to explore other growth
opportunities.
Dear Fellow Shareholders,
The Bank of Princeton (the “Bank”) completed another successful
year with earnings of $14.7 million, or $2.14 per diluted common
share, and total assets reaching $1.2 billion. These results were
a part of the Bank’s strategic initiative of increasing shareholder
value through controlled prudent growth of the Bank’s earning
assets. During 2018, the Bank increased net interest income by
4.8% or $1.9 million compared to 2017, largely due to the $136.9
million increase in the average balance of interest-earning assets
such as our loans, which increased by $127.9 million from 2018.
The Bank has experienced many changes since its opening in 2007,
when it ended its first year with 3 branches and $66.4 million in
assets, to its current levels of 14 branches with $1.2 billion in total
assets. The Bank continues its success by staying the course with
its original core mission of targeting the commercial real estate and
small business communities for their lending needs, and catering to
the local community by offering competitive rates on deposits and
getting substantially involved in the community. The Bank’s capital
position provides a source of strength to accomplish future organic
growth and to explore other growth opportunities such as the
acquisition of five Beneficial Bank branches announced in February
of this year. We will continue to concentrate on our markets along
the Route 95 corridor from as far north as New York City and south
to the extended Philadelphia area.
Notable Highlights for 2018
• Net loans increased $111.2 million to exceed $1.0 billion at
year-end 2018 and reflected a 11.5% increase year over year.
• An exclusive invitation was extended by Nasdaq Global to
participate in the closing bell ceremony on August 21, 2018. This
special recognition celebrated the first anniversary of “BPRN”
being listed on the Nasdaq as a publicly traded company.
• In September of 2018, The Bank of Princeton successfully
launched a multimedia campaign focusing on “Brand Awareness,”
which featured real customers sharing unscripted, candid
comments based on their genuine experiences.
• The addition of credit cards to our product line provided many
new opportunities. The introduction of the mobile deposit
feature to The Bank of Princeton’s Mobile App offered additional
convenience and flexibility fitting today’s active lifestyles.
i
• Promotions offered throughout the year attracted new money, new
customers, and expanded existing relationships. The Business
Money Market promotion yielded additional opportunities that
attracted business customers and non-profit organizations.
• The first ever cash dividend was paid to The Bank of Princeton
shareholders on November 5, 2018.
• The Bank of Princeton opened its 14th branch location on December
10, 2018, in Cream Ridge, New Jersey. This new office extended
our footprint into the Monmouth and Ocean County markets.
• Our 2019 Strategic Plan includes the addition of two new
branches; one located in Princeton Junction, New Jersey and
the second on Quakerbridge Road in Hamilton, New Jersey.
• The Bank entered into an agreement to purchase five bank
branches from Beneficial/WSFS Bank on February 4, 2019. This
acquisition expands our footprint into Burlington, Gloucester, and
Camden Counties. The deal is expected to close in the middle of
the 2nd quarter of 2019, subject to customary conditions such as
regulatory approval.
Delivering superior customer service in harmonious, classic style
continues to capture our attention and consideration. Providing a
friendly, caring, and personalized banking experience is what differ-
entiates us and propels our growth. The expansion of our footprint
allows for our community focus to be transported to new markets
where our presence also can make a difference.
It truly is an exciting time in the evolution of The Bank of Princeton!
We remain extremely grateful for the support from our loyal custom-
ers, community partners, and shareholders.
We are dedicated to work together in collaboration with our directors
and management teams enriching the personalized banking experience
and maximizing shareholder value.
ii
Richard Gillespie
Chairman
of the Board
Providing a friendly,
caring, and personalized
banking experience is
what differentiates us
and propels our growth.
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The Bank of Princeton
Who We Are
Board of Directors
Richard Gillespie
Chairman
Stephen A. Distler
Vice Chairman
Edward J. Dietzler
President
Chief Executive Officer
Ross E. Wishnick
Vice Chairman
Judith A. Giacin
Robert N. Ridolfi, Esq.
Stephen K. Shueh
Martin Tuchman
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Who We Are
Executive Management
Edward J. Dietzler
President
Chief Executive Officer
Daniel J. O’Donnell
Executive Vice President
Chief Risk Officer
& General Counsel
George S. Rapp
Executive Vice President
Chief Financial Officer
Christopher M. Tonkovich
Executive Vice President
Chief Credit Officer
Stephanie M. Adkins
Executive Vice President
Chief Lending Officer
Established in 2007, The Bank of Princeton opened its Chambers Street doors
for business on the 23rd of April. Since then, the Bank has grown to include
eleven branch locations that serve Mercer, Hunterdon, Middlesex, Somerset,
Monmouth and Ocean counties in New Jersey along with three branches in the
Montgomery County and Philadelphia markets of Pennsylvania.
Today, The Bank of Princeton is comprised of fourteen branch locations and a
comprehensive Operations Center headquartered in Princeton.
Finance
Jeffrey T. Hanuscin, VP
Edward P. Hassenkamp, VP
Commercial Lenders
Arthur M. Birenbaum, SVP, Arch Street
William McCoy, SVP, New Brunswick
Kris Muse, SVP, Nassau Street
Paul M. Bencivengo, VP, Hamilton
William McDowell, VP, Pennington/Lambertville
Michele Lewis Fleming, AVP, Chambers Street
Jennifer Yoo, AVP, Cheltenham
Market Managers
Henrry Polanco, Bayard Lane
Darshana Jadav, Chambers Street
Paul Sabol, Nassau Street
Roseanne Maresma, Montgomery
Rhoda Sundhar, Pennington
Nedgine Douge, Hamilton
Wendy J. Evans, Monroe
Amy Zuccarello, Lambertville
Miriam Colón, New Brunswick
Karin van Garderen, Lawrenceville
Jeralyn H. Lang, Cream Ridge
Esther Youngsoon Sim, Cheltenham
Sera Yu, North Wales
Sokha Eng, Arch Street
Marketing
Barbara A. Cromwell, SVP
Human Resources
Anna Maria Miller, SVP
Retail Administration
Debra L. Von Gonten, VP
Rose Russo, AVP
Information Technology
Matthew T. Clark, VP
Kyndle E. Alig, AVP
Operations, Compliance
& Security
Karen D. Pfeifer, SVP
Vincent Auletta, VP
Angela Bancroft, VP
Keith R. Bietzel, VP
Ronnie Ra, AVP
Loan Administration
Karen A. Collier, SVP
David Geyer, SVP
Mary Beth Gorecki, SVP
Stephen R. Helhowski, VP
Michelle Goldstein, VP
Amela Muslic, VP
Stanley Plytynski, VP
Joseph H. Robotin, VP
Lana Tremblay, VP
Lukasz Gargas, AVP
Eleanor Velasquez, AVP
Denise Youn, AVP
Incorporators
Gregg E. Chaplin
Andrew M. Chon
Peter M. Crowley
Stephen A. Distler
Richard Gillespie
Bumsung K. Han
John A. Horvath
Kevin R. Kenyon
W. Andrew Krusen, Jr.
Janet M. Lasley
Emmett J. Lescroart
Dennis M. Machulsky
Casey K. Min
J. Scott Needham
Henry S. Opatut
Robert N. Ridolfi, Esq.
James M. Riley
Jeffrey H. Sands
Eric L. Steinfeldt
Ross E. Wishnick
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“The greatness of a community is most accurately
measured by the compassionate actions of its members.”
– Coretta Scott King
Thank you
to our community
partners for helping
Make a Difference.
Advancing Opportunities
Alzheimer’s New Jersey
American Foundation for
Suicide Prevention
Daytop New Jersey at Crawford House
Hamilton Educational Foundation
Delaware River Steamboat
Hamilton Township Economic
Floating Classroom, Inc.: SPLASH
Development Commission
Delaware River Towns Chamber
Borough of Highland Park:
American Heart Association
of Commerce & Visitors Bureau, The
Highland Park Gives a Hoot
American Repertory Ballet:
Delaware Township Schools,
DANCE POWER
Partners in Education
HiTOPS, Inc.
HomeFront
Arc of Hunterdon County, The
Development Corporation for Israel
HomeSharing, Inc.
Arts Council of Princeton
DoughMain Financial Literacy Foundation
Hopewell Harvest Fair
Ben Franklin Elementary School
Dress for Success
Hopewell Valley Arts Council
Big Brothers Big Sisters
of Mercer County
Central New Jersey - 7 Counties
Hopewell Valley Education Foundation
Eden Autism Services Foundation
Hopewell Valley Veterans Association
Bridge Academy of New Jersey, The
Elijah’s Promise
Hopewell Valley YMCA
Capital Health Foundation
Fal-Rooney Sports Camps & Events
Hunterdon County Chamber of Commerce
Capital Region Minority
Chamber of Commerce
CASA of New Jersey
Friendly Sons & Daughters of
Hunterdon County YMCA
St. Patrick of Mercer County, The
I Believe in Pink
Friends of Ely Park
Isles, Inc.
Catholic Charities, Diocese of Trenton
Friends of Hopewell Valley Open Space
Jason Fuhr Memorial Charity
Center for Educational Advancement
Friends of Princeton Charter School
Golf Tournament & Scholarship Fund
Chapin School
Gift of Life Donor Program
Jewish Center of Princeton, The
Children’s Home Society
Good Grief
Jewish Family & Children’s Service
of New Jersey, The
Greater Philadelphia Asian
of Greater Mercer County
Christine’s Hope for Kids Foundation
Social Services Center
Joint Effort:
Communiversity
Corner House Foundation
Cranbury Lions Club
Greater Philadelphia Food Bank
Princeton Safe Streets Weekend
Grice Middle School
Grounds for Sculpture
Kalmia Club, The
Kidsbridge
Korean American Association
Music & Theatre Parents Association of
Princeton University
of Greater Philadelphia
Hopewell Valley Central High School
Summer Chamber Concerts
Korean Community Center
National Association for Korean Schools:
Puerto Rican Action Board
of Greater Princeton
Mid-Atlantic Chapter
Robert Wood Johnson
Korean Senior Golf Association
National Eating Disorders Association
Hamilton Foundation
Korean United Church of Philadelphia
National Junior Tennis & Learning
Rocky Hill Fire Department
Lambertville / New Hope Winter Festival
of Trenton
Ryan’s Quest
Lambertville Area Education Foundation
New Brunswick City Center
SAFE in Hunterdon
Lambertville Historical Society
New Brunswick Domestic Violence
San Felese Lodge
Lambertville-West Amwell
Response Team
Send Hunger Packing Princeton
Youth Baseball & Softball Association
New Hope Film Festival
SERV Behavioral Health Systems
LaShir
Lawrence Township
New Hope Historical Society
New Jersey Association of
Shad Festival
Shad Run
Lawrence Township Education Foundation
Community Providers
Society of Saint Vincent de Paul
Lawrenceville Main Street
Notre Dame High School
Solebury Township Historical Society
Lawrenceville School Camps, The
Om Parikh Memorial Fund
Sourland Conservancy
Manna on Main Street
Parents Anonymous of New Jersey, Inc.
Special Olympics NJ
Mary Jacobs Library Foundation
Parkinson Alliance, The
Spectrum for Living
Meals on Wheels of Mercer County
Paul Robeson House, The
Steinert School Fund: DECA
Mercer Council on Alcoholism
PEI Kids
Thomas Edison State
& Drug Addiction
Mercer County CYO
Pennington Business &
University Foundation
Professional Association
Town Clock Community
Mercer County Hispanic Association
Pennington Day, Inc.
Development Corporation
Mercer County Turkey Trot
Pennington Montessori School
Trenton Catholic Academy
Monroe Indians for Civil Action
People & Stories / Gente y Cuentos
Trenton Circus Squad
Middlesex County Regional
Philabundance
Trenton Educational Dance Institute
Chamber of Commerce
Philadelphia Museum of Art:
Trinity Church
MidJersey Chamber of Commerce
Young Friends
United Way of Hunterdon County
Mid-Summer Marketing Showcase
Plainsboro Township
Unity Square: Trunk or Treat
Mil Al Mission
Police Unity Tour Inc.: Chapter 10
Way of the Cross
Montgomery / Rocky Hill Rotary Club
Princeton Area Alumni Association
Widener University
Montgomery Baseball League
Princeton Battlefield Society, The
Womanspace
Montgomery Basketball League
Princeton Education Foundation
Women Aware
Montgomery Business Association
Princeton Family YMCA
Montgomery High School:
Princeton Historical Society
YMCA of Trenton
YWCA Princeton
Cougar Football Club
Princeton Independent Film Festival
Montgomery Township Economic
Princeton Little League
Development Commission
Princeton Merchants Association
Montgomery Township Education
Princeton Nursery School
Foundation
Montgomery Township
Fireworks Committee
Princeton Pro Musica
Princeton Public Library
Princeton Recreation Department
Montgomery Woman’s Club
Princeton Regional Chamber of Commerce
Mount Carmel Guild of Trenton
Princeton Senior Resource Center
Mount Olive Baptist Church
Princeton Symphony Orchestra
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