CONSTITUTION BANCORP (NASDAQ:FCCY) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Principal Officers; Election
of Directors; Appointment of Principal Officers.
Constitution Bancorp (the Company) increased the size of the
Board from eight to nine members, effective January 1, 2017 (the
Effective Date), and elected Carmen M. Penta as a director of the
Company, effective as of the Effective Date, to fill the vacancy
on the Board resulting from such increase. Mr. Penta will serve
as a Class I director.
Constitution Bank, a wholly-owned subsidiary of the Company (the
Bank), effective as of the Effective Date. Mr. Penta will serve
as a director of the Company until the Companys next annual
meeting of shareholders and until his successor is duly elected
and qualified and as a director of the Bank until the Banks next
annual meeting of shareholders and until his successor is duly
elected and qualified.
any other persons to which Mr. Penta was selected as a director.
There are no transactions involving Mr. Penta requiring
disclosure under Item 404(a) of Regulation S-K.
and his affiliates, assuming such loans will be in compliance
with generally applicable credit standards at the time the loans
are made. All of these loans (i) would be made in the ordinary
course of business, (ii) would be made on substantially the same
terms, including interest rates and collateral, as those
prevailing at the time for comparable transactions with other
persons, and (iii) would not involve more than the normal risk of
collectability or present other unfavorable features. The Bank
also may establish deposit relationships and engage in other
routine banking relationships with the newly elected director and
his affiliates, all of which would be on the same terms as those
prevailing at the time for comparable transactions with other
persons.
same manner as the other non-employee directors, as discussed in
the Companys proxy statement for its 2016 annual meeting of
shareholders, which was filed with the U.S. Securities and
Exchange Commission on April 22, 2016.
as a director of the Company is being furnished as Exhibit 99.1
to this Current Report on Form 8-K.
23, 2016
About CONSTITUTION BANCORP (NASDAQ:FCCY)
1st Constitution Bancorp is the bank holding company for 1st Constitution Bank (the Bank). The Bank is a commercial bank, which is engaged in the business of commercial and retail banking. The Company operates through the Community Banking segment. The Community Banking segment consists of construction, commercial, retail and mortgage banking operations. As a community bank, the Bank offers a range of services (including demand, savings and time deposits and commercial and consumer/installment loans) to individuals, small businesses and not-for-profit organizations principally in the Fort Lee area of Bergen County and in Middlesex, Mercer, Somerset and Monmouth Counties of New Jersey. The Bank’s Mortgage Warehouse Funding Group offers revolving lines of credit that are available to licensed mortgage banking companies (the Warehouse Line of Credit). The Bank’s investment activities are classified as available for sale and held to maturity securities. CONSTITUTION BANCORP (NASDAQ:FCCY) Recent Trading Information
CONSTITUTION BANCORP (NASDAQ:FCCY) closed its last trading session up +0.25 at 15.05 with 12,556 shares trading hands.
