1ST Constitution Bancorp Announces Rights Offering to Existing Shareholders and Filing of Registration Statement

Fri Aug 17, 2012 9:15am EDT

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  CRANBURY, NJ, Aug 17 (Marketwire) -- 
1ST Constitution Bancorp (NASDAQ: FCCY), parent company of 1ST
Constitution Bank, announced today that on August 16, 2012, it filed a
registration statement on Form S-3 with the Securities and Exchange
Commission (the "SEC") for a rights offering to its existing
shareholders. The rights offering will be made through the distribution
of non-transferable subscription rights to purchase shares of the
Company's common stock at a subscription price at a ratio to be
determined. The Company intends to distribute the rights and commence the
offering promptly after its registration statement is declared effective
by the SEC.

    Assuming the rights offering is fully subscribed, the Company estimates
that it will receive gross proceeds in the range of $4.0 million to $7.0
million, less the expenses of the rights offering. The Company intends to
use the proceeds for general corporate purposes, and to continue to build
the Company's franchise. The Company previously redeemed all of its
preferred stock issued to the United States Treasury under the TARP
program. 

    The rights offering includes an oversubscription privilege which permits
each rights holder that exercises its rights in full to purchase
additional shares of common stock that remain unsubscribed at the
expiration of the offering. This oversubscription privilege is subject to
the availability and allocation of shares among holders exercising this
oversubscription privilege.

    A registration statement relating to these securities has been filed with
the SEC but has not yet become effective. These securities may not be
sold nor may offers to buy be accepted prior to the time the registration
statement becomes effective. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of any such state.

    About the Company
 
 1ST Constitution Bancorp, through its primary
subsidiary, 1ST Constitution Bank, operate fourteen branch banking
offices in Cranbury (2), Fort Lee, Hamilton, Hightstown, Hillsborough,
Hopewell, Jamesburg, Lawrenceville, Perth Amboy, Plainsboro, Rocky Hill,
West Windsor, and Princeton, New Jersey.
 
 1ST Constitution Bancorp is
traded on the Nasdaq Global Market under the trading symbol "FCCY" and
can be accessed through the Internet at www.1STCONSTITUTION.com

    The foregoing contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such statements are
not historical facts and include expressions about management's
confidence and strategies and management's expectations about new and
existing programs and products, relationships, opportunities, taxation,
technology and market conditions. These statements may be identified by
such forward-looking terminology as "expect," "look," "believe,"
"anticipate," "may," "will," or similar statements or variations of such
terms. Actual results may differ materially from such forward-looking
statements. Factors that may cause results to differ materially from such
forward-looking statements include, but are not limited to, changes in
the direction of the economy in New Jersey, the direction of interest
rates, effective income tax rates, loan prepayment assumptions, continued
levels of loan quality and origination volume, continued relationships
with major customers including sources for loans, a higher level of net
loan charge-offs and delinquencies than anticipated, bank regulatory
rules, regulations or policies that restrict or direct certain actions,
the adoption, interpretation and implementation of new or pre-existing
accounting pronouncements, a change in legal and regulatory barriers
including issues related to compliance with anti-money laundering and
bank secrecy act laws, as well as the effects of general economic
conditions and legal and regulatory barriers and structure. 1ST
Constitution Bancorp assumes no obligation for updating any such
forward-looking statements at any time, except as required by law. 

    

CONTACT: 
Robert F. Mangano 
President & Chief Executive Officer 
(609) 655-4500 

Joseph M. Reardon 
Sr. Vice President & Treasurer
(609) 655-4500 

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