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1ST Constitution Bancorp Announces Closing of the Merger of Shore Community Bank With and Into 1ST Constitution Bank

CRANBURY, N.J., Nov. 08, 2019 (GLOBE NEWSWIRE) -- 1ST Constitution Bancorp (NASDAQ: FCCY) (a??1ST Constitutiona??), the parent company of 1ST Constitution Bank, announced that the merger of Shore Community Bank (formerly OTC PINK: SHRC) with and into 1ST Constitution Bank closed effective as of 5:01 p.m. Eastern Time on November 8, 2019.At the effective time of the merger, each share of Shore Community Bank common stock was converted into the right to receive, at the election of the holders thereof, (i) $16.50 in cash, (ii) 0.8786 of a share of 1ST Constitution common stock or (iii) a combination of cash and 1st Constitution common stock.A As a result of the merger, former Shore shareholders will receive an aggregate of 1,509,275 shares of 1ST Constitution common stock and an aggregate of approximately $24,233,385 in cash, which does not include cash in lieu of fractional shares. A1ST Constitution now has, including the shares issued in connection with the merger, 10,191,676 shares of common stock outstanding.1ST Constitution Bank will now operate 26 branch banking offices in Central New Jersey, primarily in Mercer, Middlesex, Monmouth, Ocean and Somerset Counties, including five branch offices located in Ocean County, New Jersey.Robert F. Mangano, President and Chief Executive Officer of 1ST Constitution, said, a??We are very excited about the expected benefits of the merger for our customers and shareholders.A The expansion into Ocean County should provide additional lending and deposit gathering opportunities for us.A We also believe that the merger will enable us to better serve our combined customer base and create long term value for our shareholders.a??About 1ST Constitution Bancorp
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