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Cornerstone Bank NJ

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uuid003dr2z

Namestring
Cornerstone Bank NJ
Legal namestring
Cornerstone Bank
Websiteurl
cornerstonebank.net
Company typeenum
Private
Founded yearint
1999
Descriptiontext

Cornerstone Bank NJ was a privately held community bank headquartered in Mount Laurel, New Jersey, that operated from 1999 until its acquisition in August 2024. The bank offered a full range of banking and loan services to retail and commercial customers within its New Jersey service area. With a workforce of 51–100 employees, Cornerstone Bank maintained a modest operational footprint consistent with small U.S. community banking institutions. Gene Dorazio served as President and Chief Executive Officer.

The bank's revenue mechanics followed the standard community-bank model, generating the majority of income from net interest spread on its loan and securities portfolio, supplemented by deposit-related fees, loan origination charges, and other non-interest income. Prior to its acquisition, Cornerstone Bank held approximately $314.5 million in total assets and $282.8 million in deposits, placing it firmly in the small community bank segment. Stock in the bank had traded on the OTC Pink market under the ticker CFIC prior to the delisting associated with the transaction.

On August 23, 2024, Princeton Bancorp, Inc. (NASDAQ: BCC) completed its acquisition of Cornerstone Bank. The transaction was characterized by management as immediately accretive to earnings with an expected 2.5-year earn-back period on tangible book value dilution. The deal added approximately $314.5 million in assets and $282.8 million in deposits to the combined entity, bringing Princeton Bancorp's total assets to approximately $2.35 billion. Following completion, Cornerstone Bank ceased to operate as an independent entity and now operates as a wholly-owned subsidiary of Princeton Bancorp.

Short descriptiontext

Cornerstone Bank NJ was a privately held community bank headquartered in Mount Laurel, New Jersey, offering traditional banking and loan services to retail and commercial customers. It was acquired by Princeton Bancorp, Inc. in August 2024.

Operating statusenum
Acquired
Ownership categoryenum
Headcount rangeband
51–100
akta.pro rankint
HeadquartersMount Laurel, United States
HQ citystring
Mount Laurel
HQ countrystring
United States
HQ regionstring
North America
Markets served

Serves global market

Keyword5 values
community banking, retail banking services, consumer lending, deposit accounts, loan products
NAICS code1 code
  • Depository Credit Intermediation5221
SIC code2 codes
  • State Commercial Banks6022
  • Commercial Banks, Nec6029
Product category
Community Banking
Cost components5 values
Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales
GTM typeB2C
B2C
Offering typeServices
Services
Core offering1 text field

Cornerstone Bank NJ was a New Jersey-based community bank offering a full range of banking and loan services to consumers and local businesses. The bank provided deposit accounts and lending products from its headquarters in Mount Laurel, NJ. Following the August 2024 acquisition by Princeton Bancorp, Inc., Cornerstone Bank operates as a wholly-owned subsidiary contributing approximately $314.5 million in assets and $282.8 million in deposits.

Differentiator
Functional benefit
Problem solved
Scale indicator3 records

Each record includes

Type, Value, Description, Source

Partnership1 partner
1Princeton Bancorp
Strategic tierCoreTypeStrategic or Co-development PartnerAnnounced on2024-08-23
Description

Cornerstone Bank was acquired by Princeton Bancorp, Inc. on August 23, 2024. The acquisition was immediately accretive to earnings with an expected 2.5-year earn back of tangible book value dilution. The deal significantly expanded Princeton Bancorp's asset base and deposit base, adding approximately $303.5-314.5 million in assets and $282.8 million in deposits.

Recent move1 record

Each record includes

Date, Type, Title, Description, Source

Expansion highlight1 record

Each record includes

Type, Description

Peers10 records
1Provident Financial Services, Inc.
TypeBroad incumbent
Description

Provident Financial Services operates Provident Bank, a larger NJ-based commercial and retail bank serving overlapping markets with a similar mix of deposits, commercial lending, and mortgage products.

2Lakeland Bancorp, Inc.
TypeDirect peer
Description

Lakeland Bancorp is a New Jersey community bank holding company of meaningfully larger scale (~multi-billion in assets), competing directly with Cornerstone for NJ deposits, small-business loans, and retail customers.

3Kearny Financial Corp.
TypeDirect peer
Description

Kearny Financial operates Kearny Bank, a community bank serving NJ/NY markets with a comparable deposit-funded, community-lending model — an additional peer in the same community-bank tier.

41st Constitution Bancorp
TypeDirect peer
Description

1st Constitution Bancorp operates 1st Constitution Bank, a NJ community commercial bank of broadly comparable asset size and similar SMB / retail customer focus — directly comparable on size and product mix.

5Northfield Bancorp, Inc.
TypeDirect peer
Description

Northfield Bancorp operates a community-focused thrift-style bank serving parts of NJ and the broader Northeast with a similar deposit-gathering, residential and commercial lending profile.

6OceanFirst Financial Corp.
TypeDirect peer
Description

OceanFirst Financial operates OceanFirst Bank, a large NJ-headquartered community bank serving similar customer segments and overlapping geographies; one of the most active NJ community bank acquirers, making it a directly comparable peer.

7BCB Bancorp, Inc.
TypeDirect peer
Description

BCB Bancorp operates BCB Community Bank in New Jersey, a community bank of comparable asset size with a similar deposit and commercial lending profile, directly competing with Cornerstone in its core market.

8Unity Bancorp, Inc.
TypeDirect peer
Description

Unity Bancorp operates a New Jersey-based community bank (Unity Bank) of broadly similar asset size with comparable deposit gathering, commercial lending, and retail banking focus — directly overlapping with Cornerstone's market and model.

9Parke Bancorp, Inc.
TypeDirect peer
Description

Parke Bancorp operates Parke Bank, a small NJ community commercial bank of similar asset size, focused on deposit gathering and commercial lending in the same South/Central NJ market as Cornerstone.

10Princeton Bancorp, Inc.
TypeBroad incumbent
Description

Princeton Bancorp is the parent bank holding company that acquired Cornerstone in August 2024, making it the most directly comparable NJ community bank with an overlapping customer base, branch footprint, and community-banking business model.

Market position
Strengths4 records

Each record includes

Headline, Details, Source

Weaknesses4 records

Each record includes

Headline, Details, Source

Competitive moat3 records

Each record includes

Type, Details

Key risks4 records

Each record includes

Headline, Details, Source

Key highlights5 records

Each record includes

Headline, Details, Source

Customer concentration

Classification, Details

Ideal customer profile2 records

Each record includes

Profile, Firmographic size, Sales motion, Sales cycle length, Buying structure, Purchase trigger, Buyer persona, Geography, Industry vertical, Primary use case, Description, Pain points, Evidence proof points, Target buyer

Technology focused
No
API detail
Has APIbool
No

Docs URL, Description

AI maturity
App detail

Has app

Core technology
Revenue estimate
Valuation estimate
Number of profiles
Profiles1 record

Each record includes

Name, Designation, Designation category, Overview, Profile commentary, Source

No data
No data
Funding overview

Funding stage, Last funding date, Total funding USD

Funding rounds

Each record includes

Round, Amount USD, Date, Pre money valuation, Total investors, Investors, News

Investors

Each record includes

Name, Type, Date of entry, Rounds participated, Website

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Each record includes

Name, Acquisition type, Announced date, Completed date, Status, Website, News

Investment

Each record includes

Name, Round, Announced date, Lead investor, Website, News

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Cornerstone Bank NJ

Community Bankingcornerstonebank.net

Cornerstone Bank NJ was a privately held community bank headquartered in Mount Laurel, New Jersey, offering traditional banking and loan services to retail and commercial customers. It was acquired by Princeton Bancorp, Inc. in August 2024.

What Cornerstone Bank NJ does

Cornerstone Bank NJ was a privately held community bank headquartered in Mount Laurel, New Jersey, that operated from 1999 until its acquisition in August 2024. The bank offered a full range of banking and loan services to retail and commercial customers within its New Jersey service area. With a workforce of 51–100 employees, Cornerstone Bank maintained a modest operational footprint consistent with small U.S. community banking institutions. Gene Dorazio served as President and Chief Executive Officer.

The bank's revenue mechanics followed the standard community-bank model, generating the majority of income from net interest spread on its loan and securities portfolio, supplemented by deposit-related fees, loan origination charges, and other non-interest income. Prior to its acquisition, Cornerstone Bank held approximately $314.5 million in total assets and $282.8 million in deposits, placing it firmly in the small community bank segment. Stock in the bank had traded on the OTC Pink market under the ticker CFIC prior to the delisting associated with the transaction.

On August 23, 2024, Princeton Bancorp, Inc. (NASDAQ: BCC) completed its acquisition of Cornerstone Bank. The transaction was characterized by management as immediately accretive to earnings with an expected 2.5-year earn-back period on tangible book value dilution. The deal added approximately $314.5 million in assets and $282.8 million in deposits to the combined entity, bringing Princeton Bancorp's total assets to approximately $2.35 billion. Following completion, Cornerstone Bank ceased to operate as an independent entity and now operates as a wholly-owned subsidiary of Princeton Bancorp.

Cornerstone Bank NJ firmographics

Firmographics
Name
Cornerstone Bank NJ
Legal name
Cornerstone Bank
Website
https://cornerstonebank.net
Company type
Private
Founded year
1999
Operating status
Acquired
Headcount range
51–100 employees
Short description
Cornerstone Bank NJ was a privately held community bank headquartered in Mount Laurel, New Jersey, offering traditional banking and loan services to retail and commercial customers. It was acquired by Princeton Bancorp, Inc. in August 2024.
Ownership category
akta.pro rank

Where Cornerstone Bank NJ is headquartered

Location

Headquarters

HQ city
Mount Laurel
HQ country
United States
HQ region
North America

Markets served

Cornerstone Bank NJ business model

Business model
GTM type
B2C
Offering type
Services
Cost components
Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Cornerstone Bank NJ product offering

Product offering

Core offering

Cornerstone Bank NJ was a New Jersey-based community bank offering a full range of banking and loan services to consumers and local businesses. The bank provided deposit accounts and lending products from its headquarters in Mount Laurel, NJ. Following the August 2024 acquisition by Princeton Bancorp, Inc., Cornerstone Bank operates as a wholly-owned subsidiary contributing approximately $314.5 million in assets and $282.8 million in deposits.

Differentiator

Problem solved

Functional benefit

Companies that use Cornerstone Bank NJ

Customer profile

Ideal customer profiles2 records

Cornerstone Bank NJ technology and API

Technology

Technology focussed No

API detail

Has API
No
API docs
API detail

Core technology

AI maturity

App detail

Cornerstone Bank NJ partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

  • Princeton BancorpcoreStrategic or Co-development Partner · 23 August 2024Cornerstone Bank was acquired by Princeton Bancorp, Inc. on August 23, 2024. The acquisition was immediately accretive to earnings with an expected 2.5-year earn back of tangible book value dilution. The deal significantly expanded Princeton Bancorp's asset base and deposit base, adding approximately $303.5-314.5 million in assets and $282.8 million in deposits.

Scale indicators3 records

Recent moves1 record

Expansion highlights1 record

Cornerstone Bank NJ competitors and assessment

Company assessment

Broad incumbents

  • Provident Financial Services, Inc. Provident Financial Services operates Provident Bank, a larger NJ-based commercial and retail bank serving overlapping markets with a similar mix of deposits, commercial lending, and mortgage products.
  • Princeton Bancorp, Inc. Princeton Bancorp is the parent bank holding company that acquired Cornerstone in August 2024, making it the most directly comparable NJ community bank with an overlapping customer base, branch footprint, and community-banking business model.

Direct peers

  • Lakeland Bancorp, Inc. Lakeland Bancorp is a New Jersey community bank holding company of meaningfully larger scale (~multi-billion in assets), competing directly with Cornerstone for NJ deposits, small-business loans, and retail customers.
  • Kearny Financial Corp. Kearny Financial operates Kearny Bank, a community bank serving NJ/NY markets with a comparable deposit-funded, community-lending model — an additional peer in the same community-bank tier.
  • 1st Constitution Bancorp: 1st Constitution Bancorp operates 1st Constitution Bank, a NJ community commercial bank of broadly comparable asset size and similar SMB / retail customer focus — directly comparable on size and product mix.
  • Northfield Bancorp, Inc. Northfield Bancorp operates a community-focused thrift-style bank serving parts of NJ and the broader Northeast with a similar deposit-gathering, residential and commercial lending profile.
  • OceanFirst Financial Corp. OceanFirst Financial operates OceanFirst Bank, a large NJ-headquartered community bank serving similar customer segments and overlapping geographies; one of the most active NJ community bank acquirers, making it a directly comparable peer.
  • BCB Bancorp, Inc. BCB Bancorp operates BCB Community Bank in New Jersey, a community bank of comparable asset size with a similar deposit and commercial lending profile, directly competing with Cornerstone in its core market.
  • Unity Bancorp, Inc. Unity Bancorp operates a New Jersey-based community bank (Unity Bank) of broadly similar asset size with comparable deposit gathering, commercial lending, and retail banking focus — directly overlapping with Cornerstone's market and model.
  • Parke Bancorp, Inc. Parke Bancorp operates Parke Bank, a small NJ community commercial bank of similar asset size, focused on deposit gathering and commercial lending in the same South/Central NJ market as Cornerstone.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks4 records

Key highlights5 records

Customer concentration

Cornerstone Bank NJ social profiles

Digital presence

Cornerstone Bank NJ financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Cornerstone Bank NJ leadership team

Management profile

Number of profiles

Profiles1 record

Cornerstone Bank NJ funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Cornerstone Bank NJ M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Cornerstone Bank NJ

What does Cornerstone Bank NJ do?

Cornerstone Bank NJ was a New Jersey-based community bank offering a full range of banking and loan services to consumers and local businesses. The bank provided deposit accounts and lending products from its headquarters in Mount Laurel, NJ. Following the August 2024 acquisition by Princeton Bancorp, Inc., Cornerstone Bank operates as a wholly-owned subsidiary contributing approximately $314.5 million in assets and $282.8 million in deposits.

Is Cornerstone Bank NJ a public or private company?

Cornerstone Bank NJ is a private company. It is classified as corporate owned and is currently acquired.

When was Cornerstone Bank NJ founded?

Cornerstone Bank NJ was founded in 1999. It employs 51 to 100 people.

Where is Cornerstone Bank NJ based?

Cornerstone Bank NJ is headquartered in Mount Laurel, United States, in the North America region.

Who are Cornerstone Bank NJ's main competitors?

Broad incumbents on record are Provident Financial Services, Inc. and Princeton Bancorp, Inc.. Direct peers are Lakeland Bancorp, Inc., Kearny Financial Corp., 1st Constitution Bancorp, Northfield Bancorp, Inc., OceanFirst Financial Corp., BCB Bancorp, Inc., Unity Bancorp, Inc. and Parke Bancorp, Inc..

Does Cornerstone Bank NJ have an API?

No public API is recorded for Cornerstone Bank NJ.

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Live signals
PR NewswirePrinceton Bancorp Announces YTD & Fourth Quarter 2024 ResultsPrinceton Bancorp, Inc. reported Q4 2024 net income of $5.2 million ($0.75 per diluted share), recovering from a $4.5 million net loss in Q3 2024, as non-interest expenses fell $7.4 million following one-time merger costs. The company exceeded $2.0 billion in total assets at December 31, 2024, reaching $2.34 billion, an increase of $423.7 million (22.11%) year-over-year, primarily driven by the August 2024 acquisition of Cornerstone Bank which added approximately $303.5 million in assets. For the full year 2024, net income declined 60.2% to $10.2 million ($1.55 per diluted share) from $25.8 million ($4.03 per diluted share) in 2023, partly due to a $9.7 million bargain purchase gain from the Noah Bank acquisition recorded in 2023 that did not recur.PR NewswirePrinceton Bancorp Announces Third Quarter 2024 ResultsPrinceton Bancorp reported a net loss of $3.6 million for Q3 2024, compared to net income of $5.1 million in Q2 2024, due to $6.7 million in merger-related expenses and a $3.2 million provision for credit losses tied to the Cornerstone Bank acquisition. The company completed its acquisition of Cornerstone Bank on August 23, 2024, which added approximately $314.5 million in assets and $282.8 million in deposits, driving total assets up 22.87% to $2.35 billion. Management characterized the acquisition as immediately accretive to earnings with an expected 2.5-year earn back of tangible book value dilution.SecEX-99.1Princeton Bancorp, Inc. completed the acquisition of Cornerstone Financial Corporation on August 23, 2024, resulting in a combined entity with approximately $2.31 billion in assets. The merger expands The Bank of Princeton's footprint across New Jersey, Pennsylvania, and New York, adding Cornerstone's branches to its existing network.PR NewswireCornerstone Bank Promotes Robbins And Joyner To Key RolesCornerstone Bank, a subsidiary of CB Financial Corporation, promoted Chris Robbins to Chief Executive Officer and board member, while Michelle Joyner was named Senior Vice President, Chief Operations Officer and Controller. Robbins, who had served as Executive Vice President and Chief Credit Officer since 2014, succeeds in these roles alongside President Mark Holmes who also assumed CFO duties following the departure of long-serving CFO Dora Kicklighter. The promotions underscore internal succession planning at the Wilson, North Carolina-based community bank, with both executives citing commitment to continued growth and community service.