May 15, 2007 Bank of New Jersey 204 Main Street Fort Lee, NJ 07024 Ladies and Gentlemen:Plan of Acquisition • May 15th, 2007 • Bancorp of New Jersey, Inc. • State commercial banks
Pursuant to the Plan of Acquisition, dated December 1, 2006 (the “Plan”), by and between Bancorp of New Jersey, Inc., a New Jersey corporation (“Acquirer”), and Bank of New Jersey, a New Jersey commercial bank (“Target”), shares of stock in Target will be exchanged for shares of stock in Acquirer and Target will become a direct, wholly-owned subsidiary of Acquirer in a reorganization under N.J.S.A. 17:9A-355 et. seq. (the “Reorganization”).
