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PRINCETON, N.J.—Martin Tuchman, a director and significant shareholder of Princeton Bancorp, Inc. (NASDAQ:BPRN), recently purchased 22,000 shares of the company’s common stock. The acquisition, valued at approximately $719,620, was executed at a price of $32.71 per share, according to a filing with the Securities and Exchange Commission. The purchase comes as the $216 million market cap bank trades below book value with a P/B ratio of 0.82, according to InvestingPro data.
Following the transaction, Tuchman holds a total of 629,141 shares indirectly as the trustee of the Martin Tuchman Revocable Trust. Additionally, he owns 101,109 shares directly. Tuchman, known for his significant role in the company, maintains his status as a ten percent owner and director. The insider purchase follows a 7.5% decline in share price over the past week, while the stock offers a 3.83% dividend yield to shareholders.
"In other recent news, Princeton Bancorp, a Pennsylvania-based state commercial bank, has made amendments to its executive employment agreements. These changes, taking effect on January 22, 2025, involve the bank’s top executives and aim to clarify severance benefits in the event of a change in control. The executives affected include Edward J. Dietzler, President and CEO; Daniel J. O’Donnell, EVP, General Counsel and COO; Stephanie Adkins, EVP and Chief Lending Officer; and George S. Rapp, EVP and CFO. The revisions provide specific details on medical severance benefits upon involuntary termination without cause or voluntary termination for good reason following a change in control. Additionally, an error from the 2023 restatement of employment agreements for Mr. Dietzler and Mr. O’Donnell has been corrected, restoring the original severance multiplier. Now, in the event of a qualifying termination following a change in control, these executives will receive a severance benefit multiplied by three instead of the previously stated two. The detailed terms of these amendments will be included in the company’s Annual Report on Form 10-K for the year ended December 31, 2024. These recent developments provide shareholders and the public with the latest information on executive compensation arrangements at Princeton Bancorp."
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