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Cornerstone Financial Corporation (CFIC) is a New Jersey-based bank holding company that is the parent company of Cornerstone Bank. The company recently announced a definitive merger agreement with Princeton Bancorp, valued at approximately $17.9 million. Cornerstone Bank has assets of $321 million, $276 million in loans, $290 million in deposits, and $23.8 million in common stockholders' equity. With operations since 1999, the bank has six branch offices around New Jersey.
Cornerstone Financial Corporation (OTCPK:CFIC) successfully completed a private placement of $13.7 million in common stock, issuing 1,374,000 shares at $10.00 per share, primarily to institutional investors. The funds will be utilized for general corporate purposes, focusing on organic growth and debt reduction. CEO Eugene D’Orazio highlighted the enhancement of shareholder value and liquidity by attracting institutional investors. Janney Montgomery Scott, LLC acted as the sole placement agent, with legal counsel from Windels Marx Lane & Mittendorf, LLP.
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