1ST Constitution Bancorp announces addition of new Members to its Board of Directors

– USA, NJ – 1ST Constitution Bancorp (NASDAQ:FCCY), the holding company for 1ST Constitution Bank, today announced that at a meeting of its Board of Directors held on June 20, 2016, the Board effected certain changes to its size and composition. At the Board meeting, the Board expanded the size of the Board from five to eight members and elected individuals to fill the vacancies on the Board occurring as a result of both the increase in the size of the Board and the resignations of two directors, Mr. John P. Costas and Mr. Frank E. Walsh III.

Joining the Board of Directors of the Company are Mr. James G. Aaron, Esq., Ms. J. Lynne Cannon, Mr. Antonio L. Cruz, Esq., Mr. Edwin J. Pisani, and Mr. Roy D. Tartaglia. Mr. Pisani was elected Chairman of the Audit Committee. Each newly elected director is an existing director of the Bank and a brief summary of each new director’s business experience is attached to this press release.

In October of 2015, the Board selected and retained the services of an independent governance consulting firm to review the structure and functions of the Board. The consulting firm issued its report to the Board in March of this year. The report made a series of recommendations, one of which was to add directors of the Bank, who were not directors of the Company, to the Board. The two resigning directors were not in favor of combining both boards.

The Board is moving forward with the consideration of several of the other key recommendations contained in the consulting firm report, which it had previously planned to do during the third quarter of 2016.

Management of the Company and the Board are committed to the highest standards of corporate governance. While the two resigning directors informed the Board of their concerns regarding corporate governance and Board’s operation, the Board believes that it is taking appropriate steps in line with the recommendation contained in the report of its outside consultants to enhance its governance practices and its strategic planning process. The Board believes that the positions of the resigning directors, particularly regarding the Board placing interests of management and individual Board members before shareholder interests and the independence of the Chairman of the Board, were unfounded. The Company’s financial performance and the growth in the value of the Company’s common stock over the past several years reflects the engagement and focus by management and the Board in its duties to look after the interests of its shareholders.

1ST Constitution Bancorp, through its primary subsidiary, 1ST Constitution Bank, operates nineteen branch banking offices in Cranbury (2), Fort Lee, Hamilton, Hightstown, Hillsborough, Hopewell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Rocky Hill, West Windsor, Princeton, Rumson, Fair Haven, Shrewsbury, Little Silver and Asbury Park, New Jersey.

1ST Constitution Bancorp common stock is traded on the Nasdaq Global Market under the trading symbol “FCCY”

- DisclaimerNews, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.

Talent4Boards Team

here the original post =>