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Monmouth Community Bancorp and Allaire Community Bank Announce Proposed Combination.

Publication: Business Wire
Publication Date: 30-JUN-04
Format: Online
Delivery: Immediate Online Access

Article Excerpt
LONG BRANCH, N.J. & WALL TOWNSHIP, N.J. -- Monmouth Community Bancorp (NASDAQ Small Cap Market; MCBK "Bancorp") and Allaire Community Bank (OTCBB; ALCY "Allaire") announced today that they have entered into an Agreement and Plan of Acquisition (the "Agreement") to combine, as equals, in a strategic business combination transaction.

The Agreement provides for Bancorp to change its name to Central Jersey Bancorp, effect a six for five stock split to shareholders of record as of July 15, 2004, and exchange one share of Central Jersey Bancorp for each outstanding share of Allaire Community Bank common stock. In order to create an ownership structure that gives each company approximate equal ownership of the combined entities, Bancorp will effect a 6-for-5 stock split prior to closing. After giving effect to the...

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