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Bank of Princeton raises $55.2M in gross proceeds from common stock offering

Princeton, N.J.-based Bank of Princeton closed its public offering of common shares — 1,725,000 shares were sold at $32.00 apiece, bringing gross proceeds to roughly $55.2 million.

The shares sold include the full exercise of the underwriters' overallotment option, which allowed for the purchase of up to 225,000 shares.

The company's stock now trades under the ticker symbol BPRN on the Nasdaq Global Select Market.

Proceeds will be used for general corporate purposes, or for additional organic growth through the loan portfolio or through strategic acquisitions, financings, investments, and capital expenditures.

Sandler O'Neill & Partners LP was sole book-running manager. Boenning & Scattergood Inc. and FBR Capital Markets & Co. were co-managers.