By Philip Sean Curran, Staff Writer
The Bank of Princeton will not be merging with Investors Bank, as a deal could not get federal regulatory approval in time to meet a March 31 deadline, both sides announced Tuesday., A spokesman for Investors Bank had no comment Wednesday beyond what was included in news release announcing the two sides had agreed to “terminate” the merger agreement they had entered in May. At the time, the Bank of Princeton and Investors Bancorp Inc., the holding company for Investors Bank, hailed an agreement that allowed Investors to expand its reach into the Princeton area and Pennsylvania. The deal, valued at $154 million, needed the Federal Deposit Insurance Corporation to sign off., “Both parties concluded that the regulatory approval of the application submitted by Investors to the FDIC would not be obtained prior to March 31, which was the termination deadline,” said Bank of Princeton President Edward J. Dietzler by phone Wednesday., “At this time, we continue to run the bank, that’s what we’re doing right now,” he said when asked if the bank would look for other merger opportunities., The Bank of Princeton has 13 branches in New Jersey and Pennsylvania and about 140 employees.
