NEW BRUNSWICK, N.J.–(BUSINESS WIRE)–Brunswick Bancorp (OTC: “BRBW”), the holding company for Brunswick Bank and Trust, 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.”
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.
