PRINCETON: Bank of Princeton reports record 201 results

   The Board of Directors of the Bank of Princeton has announced record earnings for 2010. Net income for the year was $2.369 million. Last year its net income was $413,000, a year over year increase of $1.956 million or 473 percent.
   The increase was driven by loan and deposit growth along with a low cost of funds.
   For the year ended Dec. 31, 2010, assets increased to $488.175 million, an increase of $223.514 million over the prior year. Loans increased by $110.831 million to $285.806 million and deposits grew by 95 percent to $425.992 million.
   During the year the bank concluded the acquisition of MoreBank, which added $74 million in assets, $51 million in loans and $64.3 million in deposits as well as three branches in Philadelphia, Delaware and Montgomery Counties in Pennsylvania.
   In May the bank, completed the purchase of the former Provident Bank office in Montgomery. This office has grown and is more than $30 million in deposits, the most in its previous 18-year history. In December 2010, the bank opened a Monroe office. In addition, it concluded the purchase of an additional branch location on Bridge Street in Lambertville.
   The Bank of Princeton, founded in 2007, is a locally owned and managed, full service, FDIC insured commercial bank. Additional information is available at www.thebankofprinceton.com.