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Bancorp of New Jersey to pay 5% stock dividend

Fort Lee, N.J.-based Bancorp of New Jersey Inc.'s board declared a 5% stock dividend.

The stock dividend, payable Aug. 1 to shareholders of record as of July 16, will increase the number of outstanding shares of the company by about 347,414. The total common shares outstanding will be roughly 7,295,692.

Stockholders will receive cash in lieu of fractional shares based on the closing price on the record date.