Print page |
E-mail page
| 
Download PDF
« Previous Release | Next Release »
MIDDLETOWN, N.J., Jan 09, 2009 (BUSINESS WIRE) -- Community Partners Bancorp (NasdaqCM: CPBC) said today that it has finalized the previously announced consolidation of its two wholly-owned business units, The Town Bank, based in Westfield, NJ, and Two River Community Bank, based in Middletown, NJ.
The consolidation, which was effective on December 31, 2008, is part of Community Partners' strategic plan to streamline operations to pursue further growth opportunities. The two banks have been under common ownership since Community Partners Bancorp was organized to acquire them, in a transaction that took effect in April 2006.
The Town Bank branches will continue to use The Town Bank name. For legal and regulatory purposes, there will be only one chartered bank, but The Town Bank will operate as a division of Two River Community Bank. The consolidation will create administrative efficiencies and reductions in overhead and administrative costs. No job reductions are planned."This consolidation will be largely transparent to our customers - they will receive the same excellent level of service this week as they did last week, from the same people in the same branches," said Barry B. Davall, President and Chief Executive Officer. "By combining the two charters, we have simplified the organization in a way that will reduce our administrative costs and enhance shareholder value."
"This action enhances our ability to serve the needs of our clients in Monmouth and Union Counties. We are a leading source of community bank lending in these markets, primarily through our Commercial and Private Banking business lines," said William D. Moss, Two River Community Bank President and Chief Executive Officer.
Community Partners Bancorp, based in Middletown, NJ, is the holding company for Two River Community Bank, which currently operates 11 branches in Monmouth County under the Two River name, plus four branches in Union County operating under The Town Bank name as a division of Two River. More information about the company is available at www.communitypartnersbancorp.com.
The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management's confidence and strategies and management's expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. These statements may be identified by such forward-looking terminology as "expect," "look," "believe," "anticipate," "may," "will," or similar statements or variations of such terms. Actual results may differ materially from such forward-looking statements. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, changes in interest rates or in national or local economic conditions in areas in which our operations are concentrated, increased competition, rapid growth, reliance on management and other key personnel and other such risks. Community Partners assumes no obligation for updating any such forward-looking statements at any time, except as required by law.
SOURCE: Community Partners Bancorp
For Community Partners Bancorp
Media Relations
Kirk Petersen, 973-820-1326 (cell)
kirk@kirkpetersen.net
Copyright Business Wire 2009
News Provided by COMTEX