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Bancorp of New Jersey shareholders approve issuance of preferred shares

Shareholders of Bancorp of New Jersey Inc. on May 25 approved a proposal to amend the Fort Lee, N.J.-based company's certificate of incorporation to provide for 2.5 million shares of series preferred stock.

The terms, conditions and designations of the preferred shares may be set by the board at the time of issuance, according to a Form 8-K filed May 31.