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Bank of Princeton's board proposes increase in authorized common shares

Shareholders of Bank of Princeton will vote on a proposed increase to the company's number of authorized common shares.

The board is proposing to raise the number to 15.0 million shares from 10.0 million. As of March 14, Bank of Princeton had 6,599,479 common shares outstanding and 97,713 shares reserved for issuance under its stock option plans.

The board said it had no current arrangement for issuance of any of the proposed additional shares.

The vote will be held at the Princeton, N.J.-based company's April 24 annual shareholder meeting. Should the proposal receive shareholder approval, it will still be subject to approval by the New Jersey Department of Banking and Insurance commissioner.