1ST Constitution Bancorp to Acquire Shore Community Bank
1st Constitution Bancorp (NJ) (FCCY)
Last 1st constitution bancorp (nj) earnings: 5/1 09:15 am
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US:NASDAQ Investor Relations:
1stconstitution.com/investor-relations
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Source: GlobeNewswire
CRANBURY, N.J., June 24, 2019 (GLOBE NEWSWIRE) -- 1ST Constitution Bancorp (Nasdaq: FCCY) (“1ST Constitution”), the holding company for 1ST Constitution Bank, and Shore Community Bank (OTC PINK: SHRC) (“Shore”) jointly announced today that they have entered into a definitive agreement and plan of merger pursuant to which 1ST Constitution will acquire Shore in a stock and cash transaction valued at $16.54 per share, or approximately $53.1 million in total consideration. Upon the closing of the transaction, Shore will merge with and into 1ST Constitution Bank. The merger has been unanimously approved by the boards of directors of both institutions, and is anticipated to be completed during the fourth quarter of 2019. The transaction is subject to approval by the shareholders of Shore, as well as regulatory approvals, and other customary closing conditions. Under the terms of the merger agreement, Shore shareholders will receive 0.8786 of a share of 1ST Constitution common stock, $
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