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Princeton Bancorp (NASDAQ:BPRN) has announced a merger with Cornerstone Financial (OTC:CFIC) that is expected to be completed in Q3 of 2024.
Under the terms of the agreement, Princeton Bancorp has agreed to give Cornerstone Financial $17.90 million in in exchange for CFIC stock. Currently, neither company has disclosed whether the paymentwill be in cash or in stock.
Princeton Bancorp Inc is a banking company. It is a full-service financial institution that provides business and personal banking.
Cornerstone Financial Corp provides a range of lending, deposit, and financial products. It emphasizes commercial real estate and commercial lending to small businesses and professionals.
A merger happens when a company combines operations with another company. In practice, one company will buy the other company's stock in exchange for its own stock. In some cases, cash is used to pay for the company's stock but usually the companies agree to a stock-for-stock transaction.
Due to the exchange and acquisition of stock, a merger is similar to an acquisition. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, the leadership & operations of both companies usually change dramatically, while during an acquisition this is less likely to happen.
Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.
This article was generated by Benzinga's automated content engine and reviewed by an editor.
