BANCORP OF NEW JERSEY,INC. (NYSEMKT:BKJ) Files An 8-K Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of ListingItem 3.01. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.
On April 10, 2017, the Registrant provided a notice to the NYSE MKT regarding the resignation of Michael Bello dated April 7, 2017 from the Registrant’s Audit Committee. The Registrant determined that although Mr. Bello satisfied the criteria for independence set forth in NYSE MKT Rule 803A(2), he did not meet the heightened requirements for audit committee members set forth in NYSE MKT Rule 803B(2) and Rule 10A-3 under the Securities Exchange Act of 1934, as amended due to the payment of a de minimus amount of commissions to an insurance agency owned by Mr. Bello.
Mr. Bello promptly resigned from the Audit Committee and the Board has appointed Jay Blau to serve in replacement thereto. The Registrant has determined that Jay Blau meets the independence criteria for audit committee members. Mr. Bello will continue to serve on the Board of Directors and on the Compensation Committee, and will continue to be deemed independent for those purposes.
About BANCORP OF NEW JERSEY, INC. (NYSEMKT:BKJ)
Bancorp of New Jersey, Inc. is a bank holding company for Bank of New Jersey (the Bank). The Company’s primary business is ownership and supervision of the Bank. The Company, through the Bank, conducts a traditional commercial banking business, accepting deposits from the general public, including individuals, businesses, non-profit organizations and governmental units. The Bank makes commercial loans, consumer loans, and both residential and commercial real estate loans. In addition, the Bank provides other customer services and makes investments in securities. The principal market for its deposit gathering and lending activities lies within Bergen County in New Jersey. The total loans amount to approximately $652.3 million; total securities amount to approximately $66.59 million, and total deposits amount to approximately $692.3 million. The Bank’s subsidiaries include BONJ-New York Corp., BONJ-New Jersey Investment Company, BONJ-Delaware Investment Company and BONJ REIT Inc. BANCORP OF NEW JERSEY, INC. (NYSEMKT:BKJ) Recent Trading Information
BANCORP OF NEW JERSEY, INC. (NYSEMKT:BKJ) closed its last trading session up +0.70 at 16.05 with 4,640 shares trading hands.