Brunswick Bancorp (“Brunswick” or “the Company") (OTC: “BRBW”), the holding company for Brunswick Bank and Trust (“the Bank”), today announced that the Bank had entered into a contract of sale for the Bank’s largest non-performing asset, a parcel of real estate taken in connection with the Bank’s efforts to realize on a defaulted loan. The sale is subject to terms and contingencies typical for commercial real estate sales, including a buyer diligence period and a period for both the buyer and seller to satisfy the conditions to closing in the contract, which include the buyer obtaining certain development approvals. The purchase price under the contract, net of costs of sale, is in excess of the Bank’s carrying value for the property.
Nicholas A Frungillo, Jr., Brunswick President and Chief Executive Officer, stated: “We look forward to resolving this asset with no further loss to the Bank. We will work with the buyer to satisfy all of the conditions to the sale as quickly as possible.”
In addition to historical information, this news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are based on certain assumptions and describe future plans, strategies and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to: changes in interest rates, general economic conditions, levels of unemployment in the Bank’s lending area, real estate market values in the Bank’s lending area, future natural disasters and increases to flood insurance premiums, the level of prepayments on loans and mortgage-backed securities, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, accounting principles and guidelines, and the impact of the Covid 19 pandemic on the Company, the Bank and its customers. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
About Brunswick Bancorp
Brunswick Bancorp is the holding company for Brunswick Bank & Trust, a New Jersey chartered commercial bank which serves central New Jersey through its New Brunswick main office and five additional branch offices.
Nicholas A. Frungillo, Jr. - President / CEO
David Gazerwitz - VP / Treasurer