def14a
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the
Securities Exchange Act of 1934
Filed by the Registrant þ
Filed by a Party other than the Registrant o
Check the appropriate box:
o Preliminary Proxy Statement
o Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
þ Definitive Proxy Statement
o Definitive Additional Materials
o Soliciting Material Pursuant to §240.14a-12
BANCORP OF NEW JERSEY, INC.
(Name of Registrant as Specified in its Charter)
NOT APPLICABLE
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
þ No fee required.
o Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.
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Per unit price or other underlying value of transaction computed pursuant to Exchange Act
Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was
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Proposed maximum aggregate value of transaction: |
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Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and
identify the filing for which the offsetting fee was paid previously. Identify the previous
filing by registration statement number, or the Form or Schedule and the date of its filing. |
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Amount Previously Paid: |
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Form, Schedule or Registration Statement No.: |
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BANCORP OF NEW JERSEY, INC.
1365 Palisade Avenue
Fort Lee, New Jersey 07024
April 21, 2009
To Our Shareholders:
You are cordially invited to attend the Annual Meeting of Shareholders of Bancorp of New
Jersey, Inc., or the Company, to be held on Thursday, May 21, 2009 at 3:00 PM at the Double Tree
Hotel, 2117 Route 4 Eastbound, Fort Lee, New Jersey.
At the annual meeting, shareholders will be asked to consider and vote upon the election of
six directors to the Companys board of directors, to serve until the 2012 annual meeting of
shareholders and until their successors are elected and qualify, and any such other matters as may
properly come before the meeting.
The board of directors of the Company urges you to vote in favor of each of the boards
director nominees.
On behalf of the board of directors, we urge you to sign, date and return the enclosed proxy
card in the postage-paid envelope as soon as possible, even if you currently plan to attend the
annual meeting. This will not prevent you from voting in person, but will assure that your vote is
counted if you are unable to attend the annual meeting. Your vote is important. Please sign and
return the enclosed proxy card promptly. Your cooperation is appreciated, since a majority of the
common stock must be represented at the annual meeting, either in person or by proxy, to constitute
a quorum for the conduct of business.
Very truly yours,
ALBERT F. BUZZETTI
President and Chief Executive Officer
BANCORP OF NEW JERSEY, INC.
1365 Palisade Avenue
Fort Lee, New Jersey 07024
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
TO BE HELD MAY 21, 2009
Notice is hereby given that the Annual Meeting of Shareholders of Bancorp of New Jersey, Inc.,
or the Company, will be held at the Double Tree Hotel, 2117 Route 4 Eastbound, Fort Lee, New
Jersey on Thursday, May 21, 2009, at 3:00 PM, for the purpose of considering and voting upon the
following matters:
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Election of six directors to the Companys board of directors, to serve until
the 2012 annual meeting of shareholders and until their successors are elected and
qualify. |
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Such other matters as may properly come before the meeting. |
Shareholders of record at the close of business on April 15, 2009 are entitled to notice of
and to vote at the annual meeting. Whether or not you contemplate attending the annual meeting,
the board of directors of the Company recommends that you execute and return the enclosed proxy.
You may revoke your proxy at any time prior to the exercise of the proxy by delivering to the
Company a later dated proxy, by delivering a later dated written notice of revocation to the
Company, or by voting your shares in person at the annual meeting.
Our proxy statement, annual report to shareholders, and proxy card are available on
www.bonj.net. If you would like to receive proxy materials related to this or any future
shareholders meetings, or any of the Companys filings with the Securities and Exchange Commission
or press releases, please email your request to
investorservices@bonj.net or call us at (201)
944-8600.
BY ORDER OF THE BOARD OF DIRECTORS
DIANE M. SPINNER
Secretary
April 21, 2009
BANCORP OF NEW JERSEY, INC.
1365 Palisade Avenue
Fort Lee, New Jersey 07024
PROXY STATEMENT FOR ANNUAL MEETING
OF SHAREHOLDERS TO BE HELD ON MAY 21, 2009
This proxy statement is being furnished to shareholders of Bancorp of New Jersey, Inc.,
referred to as the Company, in connection with the solicitation by the board of directors of the
Company of proxies to be voted at the annual meeting of shareholders to be held at the Double Tree
Hotel, 2117 Route 4 Eastbound, Fort Lee, New Jersey, at 3:00 PM on Thursday, May 21, 2009, or such
later date to which the annual meeting may be adjourned or postponed.
At the annual meeting, you will be asked to consider and vote upon the following matters:
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Election of six directors to the Companys board of directors, to serve until
the 2012 annual meeting of shareholders and until their successors are elected and
qualify. |
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Such other matters as may properly come before the meeting. |
Information regarding the election of directors is included in this proxy statement.
Shareholders should carefully read this proxy statement.
The first date on which this proxy statement and the enclosed form of proxy are being sent to
the shareholders of the Company is on or about April 21, 2009.
TABLE OF CONTENTS
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FORWARD-LOOKING STATEMENTS
This document contains forward-looking statements, in addition to historical information. Forward
looking statements are typically identified by words or phrases such as believe, expect,
anticipate, intend, estimate, project, and variations of such words and similar
expressions, or future or conditional verbs such as will, would, should, could, may, or
similar expressions.
You should note that many factors, some of which are discussed in this document and in the
documents we file with the Securities and Exchange Commission from time to time, could affect the
future financial results of Bancorp of New Jersey, Inc. and its subsidiary, Bank of New Jersey (or
the Bank), and could cause those results to differ materially from those expressed in the
forward-looking statements contained in this document. These factors include, but are not limited,
to the following:
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Current economic crisis affecting the financial industry; |
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Volatility in interest rates and shape of the yield curve; |
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Increased credit risk and risks associated with the real estate market; |
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Operating, legal and regulatory risk; |
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Economic, political and competitive forces affecting the Companys line of
business; and |
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The risk that managements analysis of these risks and forces could be
incorrect, and/or that the strategies developed to address them could be unsuccessful. |
Bancorp of New Jersey, Inc., referred to as we or the Company, cautions that these
forward-looking statements are subject to numerous assumptions, risks and uncertainties, all of
which change over time, and we assume no duty to update forward-looking statements, except as may
be required by applicable law or regulation. We caution readers not to place undue reliance on any
forward-looking statements. These statements speak only as of the date made, and they advise
readers that various factors, including those described above, could affect our financial
performance and could cause actual results or circumstances for future periods to differ materially
from those anticipated or projected. Except as required by applicable law or regulation, we do not
undertake, and specifically disclaim any obligation, to publicly release any revisions to any
forward-looking statements to reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements.
-ii-
INFORMATION ABOUT VOTING
How are proxies being solicited?
This proxy solicitation is being made by and at the direction of the board of directors of the
Company, and we will pay all expenses relating to the solicitation. In addition to the use of the
mails, proxies may be solicited personally, by telephone or by other electronic means by officers,
directors and employees of the Company and the Bank, who will not be compensated for such
solicitation activities. Arrangements may be made with brokerage houses and other custodians,
nominees and fiduciaries for forwarding solicitation materials to the beneficial owners of shares
held of record by such persons, and the Company will reimburse those persons for their reasonable
expenses.
What is on the agenda for the annual meeting?
The agenda for the annual meeting includes the election of six directors to the Companys
board of directors, to serve until the 2012 annual meeting of shareholders and until their
successors are elected and qualify and such other matters as may properly come before the annual
meeting. We are not aware of any such other matters that may properly come before the annual
meeting at the present time.
Who can vote?
You can vote at the annual meeting if you are a holder of our common stock on the record date.
The record date is the close of business on April 15, 2009. Each share of common stock you own as
of the record date entitles you to one vote for each director to be elected in the election of
directors and one vote on any other matter as may properly come before the annual meeting. As of
April 15, 2009, there were 5,069,041 shares of common stock outstanding and entitled to vote.
How do I vote if shares are held directly in my name?
If you hold your shares in certificate form and not through a bank, brokerage firm or other
nominee, you may vote your shares in one of the following ways:
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Voting By Mail. If you choose to vote by mail, complete the enclosed
proxy, date and sign it, and return it in the postage-paid envelope provided. |
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In Person. If you choose to vote in person, come to the annual meeting
and cast your vote. If you attend the meeting, you may vote your shares in person even
if you have previously submitted a proxy. |
How do I vote if shares are held in street name or through a bank, brokerage firm or other
nominee?
If you hold your shares in street name or through a bank, brokerage firm or other nominee, you
will need to vote your shares by providing voting instructions to your bank, brokerage firm or
other nominee, in accordance with the voting instruction form provided to you by your bank,
brokerage firm or other nominee, or by obtaining a legal proxy from your bank, brokerage firm or
other nominee authorizing you to vote those shares at the annual meeting. Only with a legal proxy
from your bank, brokerage firm or other nominee can you cast your vote in person at the annual
meeting.
How will my proxy be voted?
Unless you indicate differently on your proxy, we plan to vote signed and returned proxies FOR
the election of the boards director nominees named in this proxy statement. If you hold your
shares of the Companys common stock in street name (that is, through a broker or other nominee)
and fail to instruct your broker or nominee as to how to vote your shares of common stock, your
broker or nominee may, in its discretion, vote your shares FOR the election of the nominees for
director named in this proxy statement, but may not vote your shares on any other matter to
properly come before the annual meeting. At or after the annual meeting, a judge or judges of
election will tabulate ballots cast by shareholders present and voting in person and votes cast by
proxy.
What is a broker non-vote?
A broker non-vote occurs when a bank or brokerage firm holding shares on behalf of a
shareholder does not receive voting instructions from the shareholder by a specified date before
the annual meeting and the bank or brokerage firm is not permitted to vote those undirected shares
on specified matters under applicable stock exchange rules. Thus, if you do not give your broker
specific instructions, your shares may not be voted on those matters (so-called broker non-votes)
and will not be counted in determining the number of shares necessary for approval. Broker
non-votes are not considered to be votes cast and, therefore, generally have no effect on the
outcome of elections of directors or other matters submitted to the shareholders. Shares
represented by broker non-votes will be counted, however, in determining the number of shares of
common stock represented in person or by proxy and entitled to vote.
Can I revoke my proxy or change my vote after submitting my proxy?
Yes. Any shareholder giving a proxy has the right to attend the annual meeting and vote in
person. A proxy may be revoked prior to the annual meeting if a later-dated proxy or a written
revocation is sent to the Company at Bancorp of New Jersey, Inc., 1365 Palisade Avenue, Fort Lee,
New Jersey 07024, Attn.: Secretary, and received prior to the annual meeting. In addition, a
proxy may be revoked at the annual meeting by filing a later-dated proxy or by filing a written
notice of such revocation with the Secretary of the Company at the annual meeting prior to the
voting of such proxy.
What constitutes a quorum at the annual meeting and how are votes counted?
We need a quorum of shareholders to hold a valid annual meeting. A quorum will be present if
at least a majority of the outstanding shares of common stock are represented in person or by proxy
at the annual meeting. Abstentions and broker non-votes are counted as present for the purpose of
establishing a quorum.
How many votes are required for the election of directors?
Directors are elected by a plurality vote of shares of common stock cast in person or by proxy
at the annual meeting. A plurality means that the individuals who receive the largest number of
affirmative votes cast are elected as directors up to the maximum number of directors to be chosen
at the annual meeting. Because the election of directors is based on a plurality of the votes
cast, abstentions and broker non-votes have no effect on the outcome of the vote. Votes that are
withheld from a director nominee will be excluded entirely from the vote for such nominee and will
have no effect on the result. Shareholders are not entitled to cumulative voting in the election
of directors.
-2-
How many votes are required for any other proposals that may properly come before the annual
meeting?
Any other proposals that may properly come before the annual meeting will be approved if a
majority of the votes cast are voted in favor of the action, unless the question is one upon which
a larger or different vote is required by express provision of law or by our certificate of
incorporation or our bylaws. Abstentions and broker non-votes on such other proposals are not
considered votes cast on the proposals and, as such, have no effect on the approval of the
proposals. We are not aware of any such other proposals that may properly come before the annual
meeting at the present time.
ELECTION OF DIRECTORS
Our certificate of incorporation and bylaws provide that the number of directors constituting
the entire board will be between five and 25, with the exact number to be determined from time to
time by the board of directors. The board has fixed the number of directors constituting the
entire board at 18, and currently there is one vacancy. As of the date of this proxy statement,
the board has identified Carmelo Luppino Jr. as a director candidate to fill the vacancy. Mr.
Luppino has been approved as a prospective director of the Bank by the New Jersey Department of
Banking and Insurance. The board will consider the appointment of Mr. Luppino at its meeting
scheduled for April 23, 2009. If appointed to the board, Mr. Luppino would become a member of the
class of directors whose terms are expiring in 2010.
Our certificate of incorporation and bylaws also provide that the directors will be divided
into three classes, as nearly equal in number as possible, in respect to the time for which they
severally hold office. At each annual meeting of shareholders, only one class of directors is to
be elected and each class of directors so elected will serve for a term of approximately three
years.
It is intended that the proxies solicited by the board of directors will be voted FOR the six
director nominees named below (unless the shareholder otherwise directs). If, for any reason, any
nominee becomes unavailable for election or service on the board, the proxy solicited by the board
of directors will be voted for such substituted nominee as is selected by the board of directors.
The board has no reason to believe that any of the named nominees are not available or will not
serve if elected.
-3-
Nominees For Director Term Expiring In 2012
The board has nominated incumbent directors, Michael Bello, Jay Blau, Albert F. Buzzetti,
Albert L. Buzzetti, Gerald A. Calabrese, Jr. and Stephen Crevani, for reelection to the board of
directors at the 2009 annual meeting of shareholders, each to serve until the 2012 annual meeting
of shareholders and until his successor is elected and qualifies. Each director nominee other than
Mr. Calabrese has served as a director of the Company and the Bank since their respective
organizations. The names of the director nominees and certain information about them are set forth
in the following table:
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Business Experience |
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Name, Position and Age |
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During Past Five Years |
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Director Since |
Michael Bello, Director, 45
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President of the Michael Bello Insurance Agency
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2006 |
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Jay Blau, Director, 63
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President of Imperial Sales and Sourcing, Inc.
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2006 |
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Albert F. Buzzetti,
Chairman of the Board,
President & CEO, 69
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Chairman, President and CEO of Bank of New
Jersey since May 2006 and the Company since
November 2006. Organizational activities
related to the Bank, July 2005 to May 2006.
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2006 |
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Executive Vice President of Interchange
Financial Services Corporation, May 2003 to
August 2004. |
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President and CEO of Bridge View Bancorp, 1989
to May 2003, until the sale of Bridge View
Bancorp to Interchange Financial Services
Corporation. |
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Albert L. Buzzetti, Director, 40
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Managing Partner of the law firm of
A. Buzzetti and Associates, LLC
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2006 |
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Gerald A. Calabrese, Jr.,
Director, 59
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President of Calabrese Realty Co.
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2007 |
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Stephen Crevani, Director, 67
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President of Aniero Concrete
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2006 |
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Continuing Directors
The names of our directors whose current terms will continue after the 2009 annual meeting of
shareholders, and certain information about them, are set forth in the following table:
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During Past Five Years |
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Director Since |
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Term Expires |
John K. Daily, Director, 50
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Executive Vice President of C.A. Shea & Co.
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2006 |
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2010 |
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Business Experience |
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Name, Position and Age |
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Director Since |
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Term Expires |
Armand Leone, Jr., MD, JD
Vice Chairman, 51
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Partner in the law firm of Britcher, Leone
and Roth
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2006 |
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2010 |
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Anthony M. Lo Conte,
Director, 51
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President and CEO of Anthony L and S, LLC
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2006 |
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2010 |
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Rosario Luppino, Director, 75
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Real Estate Developer
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2006 |
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2010 |
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Howard Mann, Director, 54
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President of Carolace Industries
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2006 |
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2010 |
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Josephine Mauro, Director, 76
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Realtor and owner of Mauro Realty Company
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2006 |
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2011 |
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Joel P. Paritz, Director, 65
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CPA and President of Paritz & Company, P.A.
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2006 |
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2011 |
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Christopher M. Shaari, MD
Director, 41
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Physician
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2006 |
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2011 |
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Anthony Siniscalchi
Director, 50
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Partner in the firm of A. Uzzo & Co.,
CPAs, P.C.
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2006 |
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2011 |
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Mark Sokolich, Director, 45
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Managing Partner of the law firm of
Sokolich & Macri
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2006 |
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2011 |
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Diane M. Spinner, Director,
Executive Vice President and
Chief Administrative
Officer, 55
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Executive Vice President and Chief
Administrative Officer of Bank of New
Jersey since May 2006 and the Company
since November 2006. Organizational
activities related to the Bank, July 2005
to May 2006.
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2011 |
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President and CEO of Rock Community Bank,
January 2001 to December 2003. |
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Director Albert L. Buzzetti is the son of Chairman of the Board, President & CEO, Albert F.
Buzzetti.
No director of the Company is also a director of a company having a class of securities
registered under Section 12 of the Securities Exchange Act of 1934, as amended, referred to as the
Exchange Act, or subject to the requirements of Section 15(d) of such act, or any company
registered as an investment company under the Investment Company Act of 1940.
Recommendation
THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FOR THE ELECTION OF EACH OF ITS
NOMINEES TO THE BOARD OF DIRECTORS OF THE COMPANY TO SERVE UNTIL THE 2012 ANNUAL MEETING OF
SHAREHOLDERS AND UNTIL HIS SUCCESSOR IS ELECTED AND QUALIFIES.
-5-
BOARD OF DIRECTORS AND COMMITTEES
Director Independence
On June 3, 2008, the Companys common stock was listed on NYSE Amex (formerly the American
Stock Exchange). Accordingly, we have determined the independence of the members of our board of
directors and board committees by reference to the listing standards of NYSE Amex. Under these
independence standards, Michael Bello, Jay Blau, Gerald A. Calabrese, Jr., Stephen Crevani, John K.
Daily, Armand Leone, Jr., Anthony M. Lo Conte, Carmelo Luppino, Rosario Luppino, Howard Mann,
Josephine Mauro, Joel P. Paritz, Christopher M. Shaari, Anthony Siniscalchi and Mark Sokolich were
determined to be independent, and all of the members of our audit and compensation committees were
determined to be independent. During 2008, the independent members of the board of directors
functioned as the Companys nominating committee. In determining independence, the board
considered immaterial amounts of legal, insurance agency and appraisal services provided by certain
directors or entities in which they have interests, and determined that such transactions and
relationships would not interfere with the directors exercise of independent judgment in carrying
out the responsibilities of a director. In connection with such services, the disinterested
members of the board of directors reviewed the transactions and relationships, determined that each
is on arms-length terms, and approved each such transaction and relationship. No member of the
audit committee had an interest in any such transaction or relationship. The members of the board
who were determined to be not independent were Albert F. Buzzetti, Albert L. Buzzetti and Diane M.
Spinner. Albert F. Buzzetti and Diane M. Spinner being employees of the Company and Albert L.
Buzzetti being son of Albert F. Buzzetti.
Board Meetings
During 2008, the board of directors held 12 meetings. All of our directors attended at least
75% of board meetings and meetings of committees of the board on which such directors served.
We have no formal policy with respect to director attendance at our annual meeting of
shareholders. All of our directors attended the Banks 2008 annual meeting of shareholders.
Board Committees
The board of directors of the Company conducts much of its business through committees of the
board. During 2008, the board maintained standing audit and compensation committees, as well as an
executive committee. The independent members of the board of directors functioned as the Companys
nominating committee in 2008.
Audit Committee
The audit committee of the board of directors consisted of Directors Siniscalchi (Chair),
Daily, Mauro and Paritz during the fiscal year ended December 31, 2008. Each member of the audit
committee was independent under the requirements of NYSE Amex relating to audit committee members.
The board of directors has determined that each of Messrs. Siniscalchi and Paritz qualifies as an
audit committee financial expert, as defined under the rules of the Securities and Exchange
Commission, or SEC. The audit committee met six (6) times in 2008.
-6-
The board of directors of the Company has designated a standing audit committee. The audit
committee has adopted a formal charter, a current copy of which is available at the Companys
website at www.bonj.net. The primary duties of the audit committee are:
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making suitable periodic examinations into the affairs of the Company, or
causing such examinations to be made, including whether the Company is in a sound and
solvent condition and whether adequate internal audit controls and procedures are being
maintained; |
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recommending to the board such changes in the manner of doing business or
conducting the affairs of the Company as shall be deemed advisable; |
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upon its own recommendation, employing a qualified firm of certified public
accountants to make an audit and examination of the affairs of the Company at least
once in each calendar year; |
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reviewing in detail all examinations of Federal and state regulatory
authorities; |
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reviewing any changes in accounting policy proposed by management, the internal
auditors or the certified public accountants; and |
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making appropriate reports of its activities to the full board of directors. |
Audit Committee Report
In accordance with SEC regulations, the audit committee has prepared the following report. As
part of its ongoing activities, the Audit Committee has:
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reviewed and discussed the audited consolidated financial statements of the
Company at and for the year ended December 31, 2008, with management; |
|
|
|
|
discussed with Beard Miller Company LLP, or BMC, the Companys independent
registered public accounting firm, the matters required to be discussed by Statement on
Auditing Standards No. 61, Communication with Audit Committees, as amended; and |
|
|
|
|
received the written disclosures and letter from BMC required by Independence
Standards Board Standard No. 1, Independence Discussions with Audit Committees, as
currently in effect, and discussed with BMC its independence. |
Based upon its review and the considerations and discussions referenced above, the audit
committee recommended to the board of directors that our audited consolidated financial statements
be included in the Companys annual report on Form 10-K, as filed with the SEC on March 31, 2009.
Submitted by the Audit Committee:
Anthony Siniscalchi, Chair
John K. Daily
Josephine Mauro
Joel P. Paritz
April 1, 2009
-7-
The foregoing Audit Committee Report shall not be deemed to be incorporated by reference into
any filing made by the Company under the Securities Act of 1933, as amended, or the Securities
Exchange Act of 1934, as amended, notwithstanding any general statement contained in any such
filing incorporating this proxy statement by reference, except to the extent the Company
incorporates such report by specific reference.
Compensation Committee
During 2008, the compensation committee of the board of directors consisted of Directors
Shaari (Chair), Bello, Blau, Leone and Lo Conte and met twice.
The compensation committee has not adopted a formal charter. The primary duties of the
compensation committee are:
|
|
|
adopting compensation policy; |
|
|
|
|
reviewing and evaluating the compensation of the directors and executive
officers, and recommending any modification in any such compensation; |
|
|
|
|
requiring regular salary and benefit surveys comparing the Company with its
competitors; and |
|
|
|
|
approving all changes in the compensation package of executive officers. |
Compensation Processes and Procedures
Our board of directors has delegated the sole authority to set the compensation of our
executive officers to the compensation committee. While the committee may seek input from the
chief executive officer with respect to the compensation of other executive officers, the committee
may not delegate the authority to set the compensation of executive officers. The compensation
committee may retain, but has not retained, a compensation consultant.
Nominations and Shareholder Communications
Nomination Process
The Bank commenced operations in May 2006 and adopted a holding company structure in July
2007. With one exception, the current board of directors of the Company is comprised of organizers
of the Bank. For this reason, the board has not yet designated a nominating committee to consider
new director nominees. Until the board does designate such a committee, the independent members of
the board of directors will participate in the consideration of director nominees. At the
December, 2008, board of directors meeting, one of our independent board members recommended
Carmelo Luppino, Jr. as a director candidate and proposed that appropriate regulatory applications
be filed in order to obtain approval for Mr. Luppino as a prospective director of the Bank. This
proposal was unanimously approved by the independent members of the board of directors. Carmelo
Luppino, Jr. is the son of Carmelo Luppino, an organizer and original board member of, both the
Company and the Bank. Carmelo Luppino, Jr., age 52, is the Managing Partner of C. Luppino
Developers, President of the Fort Lee Board of Education, and a member of the Fort Lee community.
He has also been one of our shareholders since the organization of the Bank.
-8-
The board of directors will consider director candidates recommended by shareholders. Any
shareholder who wishes to recommend a director candidate for consideration may send notice to
Bancorp of New Jersey, Inc., 1365 Palisade Avenue, Fort Lee, New Jersey 07024, Attention: Albert
F. Buzzetti, Chairman of the Board. The notice should contain the information described in the
section titled, Shareholder Proposals, on page 20. The board shall give director candidates
recommended by shareholders the same consideration as director candidates recommended by other
sources.
Minimum Qualifications
Our bylaws set forth certain minimum qualifications with respect to individuals who may serve
on our board of directors. Generally, a person is not qualified to serve as a director if he or
she:
|
|
|
is under indictment for, or has ever been convicted of, a criminal offense
involving dishonesty, breach of trust or money laundering; |
|
|
|
|
is a person against whom a federal or state bank regulatory agency has issued a
cease and desist order for conduct involving an unsafe or unsound practice in
conducting the affairs of an insured depository institution, dishonesty, breach of
trust, or money laundering, which order is final and not subject to appeal; |
|
|
|
|
has been found, in a final and unappealable decision by any federal or state
regulatory agency or by any court, to have breached a fiduciary duty involving personal
profit, or committed a reckless or willful violation of any law, rule or regulation
governing banking, securities, commodities or insurance, or any final cease and desist
order issued by a banking, securities, commodities or insurance regulatory agency; |
|
|
|
|
is a member of a group (within the meaning of section 13(d)(3) of the Exchange
Act) which includes a member who would be disqualified from serving as a director of
the Company for one of the reasons set forth above; or |
|
|
|
|
is a party (either directly or through an affiliate) to litigation or an
administrative proceeding adverse to the corporation or any subsidiary of the
corporation. |
Shareholder Communications
Any shareholder who desires to send communications to our board of directors or to individual
directors may do so by directing his or her communication to the following address: Bancorp of New
Jersey, Inc., 1365 Palisade Avenue, Fort Lee, New Jersey 07024, Attention: Albert F. Buzzetti,
Chairman of the Board. All shareholder communications, other than any communications we believe
may pose a security risk, will be sent directly to board members.
-9-
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth, as of April 15, 2009, certain information concerning the
ownership of shares of the common stock by (1) any person who is known by us to own beneficially
more than five percent (5%) of the issued and outstanding common stock, (2) each director of the
Company, (3) each named executive officer identified below in the section captioned Executive
Compensation on page 13, and (4) all directors and executive officers as a group.
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
Name |
|
Beneficially Owned+ |
|
Percentage of Ownership++ |
Michael
Bello1 |
|
|
74,666 |
|
|
|
1.47 |
% |
Jay
Blau2 |
|
|
74,666 |
|
|
|
1.47 |
% |
Albert F.
Buzzetti3 |
|
|
92,500 |
|
|
|
1.82 |
% |
Albert L.
Buzzetti4 |
|
|
49,586 |
|
|
|
* |
|
Gerald A.
Calabrese, Jr.5 |
|
|
48,518 |
|
|
|
* |
|
Stephen
Crevani6 |
|
|
140,666 |
|
|
|
2.76 |
% |
John K.
Daily7 |
|
|
46,550 |
|
|
|
* |
|
Armand
Leone, Jr., MD, JD8 |
|
|
107,666 |
|
|
|
2.11 |
% |
Anthony M.
Lo Conte9 |
|
|
74,666 |
|
|
|
1.47 |
% |
Rosario
Luppino10 |
|
|
135,386 |
|
|
|
2.67 |
% |
Howard
Mann11 |
|
|
53,126 |
|
|
|
1.04 |
% |
Josephine
Mauro12 |
|
|
102,466 |
|
|
|
2.02 |
% |
Joel P.
Paritz13 |
|
|
19,800 |
|
|
|
* |
|
Christopher
M. Shaari, MD14 |
|
|
52,800 |
|
|
|
1.21 |
% |
Anthony
Siniscalchi15 |
|
|
51,626 |
|
|
|
1.02 |
% |
Mark
Sokolich16 |
|
|
41,666 |
|
|
|
* |
|
Diane M.
Spinner17 |
|
|
60,499 |
|
|
|
1.19 |
% |
Michael
Lesler18 |
|
|
30,330 |
|
|
|
* |
|
Leo J.
Faresich19 |
|
|
35,200 |
|
|
|
* |
|
All directors and executive officers
as a group (19 persons). |
|
|
1,292,383 |
|
|
|
24.17 |
% |
|
|
|
* |
|
Less than one percent (1.00%) |
|
+ |
|
Any person who, directly or indirectly, through any contract,
arrangement, understanding, relationship, or otherwise has or shares: voting
power, which includes the power to vote, or to direct the voting of, our common
stock; and/or, investment power, which includes the power to dispose, or to
direct the disposition of, our common |
-10-
|
|
|
|
|
stock, is determined to be a beneficial
owner of our common stock. All shares are subject to the named persons sole
voting and investment power unless otherwise indicated. |
|
++ |
|
Shares beneficially owned include warrants and options
to purchase shares which are currently exercisable or which will be exercisable
within 60 days of April 15, 2009. Percentage calculations presume that the
identified individual or group exercise all of his, her or their respective
warrants and options and that no other holders of warrants or options exercise
their warrants or options. |
|
1 |
|
Includes warrants to purchase 11,000 shares and options
to purchase 8,666 shares. |
|
2 |
|
Includes warrants to purchase 11,000 shares and options
to purchase 8,666 shares. |
|
3 |
|
Includes warrants to purchase 9,900 shares and options
to purchase 14,000 shares. |
|
4 |
|
Includes 1,100 shares owned by child, warrants to
purchase 6,820 shares, and options to purchase 8,666 shares. |
|
5 |
|
Includes shares held by children, warrants to purchase
440 shares, and options to purchase 8,666 shares. |
|
6 |
|
Includes 55,000 shares owned by Mr. Crevanis wife,
warrants to purchase 22,000 shares, and options to purchase 8,666 shares. |
|
7 |
|
Includes 4,070 shares owned by Mr. Dailys wife and
children, warrants to purchase 6,314 shares, and options to purchase 8,666
shares. |
|
8 |
|
Includes 27,500 shares owned as custodian for Dr.
Leones children and warrants to purchase 9,996 shares. |
|
9 |
|
Includes warrants to purchase 11,000 shares and options
to purchase 8,666 shares. |
|
10 |
|
Includes 125,466 shares owned by Mr. Rosario Luppinos
wife, family trusts and a company he controls, warrants to purchase 7,370
shares, and options to purchase 2,200 shares. |
|
11 |
|
Includes 24,750 shares owned by a family partnership
which Mr. Mann controls; 2,550 shares owned by Mr. Manns son; warrants to
purchase 6,710 shares, and options to purchase 8,666 shares. |
|
12 |
|
Includes warrants to purchase 8,666 shares. |
|
13 |
|
Includes warrants to purchase 3,300 shares and options
to purchase 8,666 shares. |
|
14 |
|
Includes 44,000 shares owned by a partnership
controlled by Dr. Shaari, warrants to purchase 8,800 shares, and options to
purchase 8,666 shares. |
|
15 |
|
Includes 8,800 shares held in custodial accounts
controlled by Mr. Siniscalchi, warrants to purchase 6,160 shares, and options
to purchase 8,666 shares. |
|
16 |
|
Includes warrants to purchase 5,500 shares and options
to purchase 8,666 shares. |
|
17 |
|
Includes warrants to purchase 3,000 shares and options
to purchase 14,000 shares. |
|
18 |
|
Includes options to purchase 25,000 shares. |
|
19 |
|
Includes warrants to purchase 2,200 shares and options
to purchase 25,000 shares. |
-11-
EXECUTIVE OFFICERS AND COMPENSATION
Executive Officers
The following table sets forth the name and age of each current executive officer of the
Company. Select biographical information concerning these individuals appears below the table.
The executive officers are appointed to their respective offices annually.
|
|
|
|
|
|
|
Name |
|
Age |
|
Position |
Albert F. Buzzetti
|
|
|
69 |
|
|
President and Chief Executive Officer |
Leo J. Faresich
|
|
|
65 |
|
|
Executive Vice President and Chief Lending Officer |
Michael Lesler
|
|
|
38 |
|
|
Executive Vice President and Chief Financial Officer |
Diane M. Spinner
|
|
|
55 |
|
|
Executive Vice President and Chief Administrative Officer |
See page 4 for a description of the business background of Mr. Buzzetti and page 5 for a
description of the business background of Ms. Spinner.
Leo J. Faresich has served as Executive Vice President and Chief Lending Officer of the Bank
since May 2006 and of the Company since November 2006. Beginning in 1999, Mr. Faresich was
employed by Greater Community Bancorp, Totowa, New Jersey, and served as its Executive Vice
President and Chief Lending Officer from 2003 to September 2005, at which time he was engaged in
connection with the organizational activities of the Bank.
Michael Lesler has served as Executive Vice President and Chief Financial Officer of the Bank
since May 2006 and of the Company since November 2006. Beginning in 1997, Mr. Lesler was employed
by Bridge View Bancorp and served as Senior Vice President and Chief Financial Officer of Bridge
View Bancorp from 2000 until it was acquired by Interchange Financial Services Corporation in May
2003. He served as Senior Vice President of Interchange Capital Corp., a subsidiary of Interchange
Financial Services Corporation from May 2003 until August 2005, at which time he was engaged in
connection with the organizational activities of the Bank.
-12-
Executive Compensation
The Companys principal executive officer is Albert F. Buzzetti, President and Chief Executive
Officer. Mr. Buzzetti, together with, Michael Lesler, Executive Vice President and Chief Financial
Officer, Leo J. Faresich, Executive Vice President and Chief Lending Officer, and Diane M. Spinner,
Executive Vice President and Chief Administrative Officer, are sometimes referred to as the named
executive officers. The following tables and narratives set forth certain information regarding
the compensation of our named executive officers.
2008 Summary Compensation Table
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
All Other |
|
|
Name and |
|
|
|
|
|
|
|
|
|
|
|
|
|
Option |
|
Compensation |
|
Total |
Principal Position |
|
Year |
|
Salary ($) |
|
Bonus ($) |
|
Awards ($)(1) |
|
($)(2) |
|
($) |
Albert F. Buzzetti, |
|
|
2008 |
|
|
|
205,000 |
|
|
|
35,000 |
|
|
|
9,195 |
|
|
|
22,360 |
|
|
|
271,555 |
|
President & CEO |
|
|
2007 |
|
|
|
190,000 |
|
|
|
25,000 |
|
|
|
14,618 |
|
|
|
21,741 |
|
|
|
251,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael Lesler, |
|
|
2008 |
|
|
|
155,000 |
|
|
|
25,000 |
|
|
|
9,195 |
|
|
|
17,507 |
|
|
|
206,702 |
|
Executive VP & CFO |
|
|
2007 |
|
|
|
140,000 |
|
|
|
20,000 |
|
|
|
14,618 |
|
|
|
16,919 |
|
|
|
191,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leo J. Faresich, |
|
|
2008 |
|
|
|
185,000 |
|
|
|
25,000 |
|
|
|
9,195 |
|
|
|
17,161 |
|
|
|
236,356 |
|
Executive VP & CLO |
|
|
2007 |
|
|
|
170,000 |
|
|
|
20,000 |
|
|
|
14,618 |
|
|
|
17,473 |
|
|
|
222,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diane M. Spinner, |
|
|
2008 |
|
|
|
134,000 |
|
|
|
25,000 |
|
|
|
9,195 |
|
|
|
13,646 |
|
|
|
181,841 |
|
Executive VP & CAO |
|
|
2007 |
|
|
|
140,000 |
|
|
|
20,000 |
|
|
|
14,618 |
|
|
|
15,030 |
|
|
|
189,648 |
|
|
|
|
(1) |
|
The 2008 and 2007 amounts indicated represent the dollar amount recognized for financial
statement reporting purposes in accordance with SFAS 123R. The fair value of each option
granted is estimated on the date of grant using the Black-Scholes option pricing model with
the following assumptions used for the 2007 grants: dividend yield of 0.00%; expected
volatility of 21.69%; risk-free interest rate of 3.28%; and expected life of 5.15 years. The
effects of applying these assumptions in determining net income may not be representative of
the effects on net income in future years. |
|
(2) |
|
Includes payments made to the named executive officers for automobile allowances and
reimbursements for unused vacation. |
We offer each of our named executive officers a competitive salary, a change in control
agreement, option awards and benefits typical of an organization like the Company, which are
offered to our employees, generally, such as medical insurance, group term life insurance and a
401(k) plan, as well as an automobile allowance. Bonus amounts represent purely discretionary
compensation which is approved by the Compensation Committee. We also have entered into change in
control agreements with each of our named executive officers. Those agreements are discussed below
under the heading, Change In Control Agreements.
-13-
Options awards are intended to align the personal financial interests of our named executive
officers with those of the Company, and to encourage our named executive officers to remain
employed by the Company by providing them with a long term interest in our overall performance, as
reflected by the performance of our common stock. In 2006, option awards were made primarily to
attract talented management to, and to remain with, the Company. Accordingly, awards were made
shortly after our 2006 Stock Option Plan was approved by our shareholders in October 2006. Each
named executive officer received an option award to purchase 22,000 shares of our common stock at
an exercise price of $9.09 per share, as adjusted following our ten percent (10%) stock
distribution in January 2007 and two for one stock split in December 2007. The referenced option
awards were immediately exercisable with respect to fifty percent (50%) of the shares underlying
the options and became exercisable with respect to the remaining fifty percent (50%) of the shares
underlying the options on the first anniversary of the grant date, or November 1, 2007.
During November 2007, each named executive officer received an option award to purchase 15,000
shares of common stock at an exercise price of $11.50 per share, as adjusted for the two for one
stock split in December 2007. These options vest equally over a 5 year period.
Outstanding Equity Awards at December 31, 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Option Awards |
|
|
|
Number of |
|
|
Number of |
|
|
|
|
|
|
|
|
|
Securities |
|
|
Securities |
|
|
|
|
|
|
|
|
|
Underlying |
|
|
Underlying |
|
|
|
|
|
|
|
|
|
Unexercised |
|
|
Unexercised |
|
|
|
|
|
|
|
|
|
Options (#) |
|
|
Options (#) |
|
|
Option Exercise |
|
|
Option |
|
Name |
|
Exercisable |
|
|
Unexercisable |
|
|
Price ($/Sh) |
|
|
Expiration Date |
|
Albert F. Buzzetti |
|
|
3,000 |
|
|
|
12,000 |
* |
|
|
11.50 |
|
|
|
12/01/2017 |
|
|
|
|
11,000 |
|
|
|
|
|
|
|
9.09 |
|
|
|
11/01/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Michael Lesler |
|
|
3,000 |
|
|
|
12,000 |
* |
|
|
11.50 |
|
|
|
12/01/2017 |
|
|
|
|
22,000 |
|
|
|
|
|
|
|
9.09 |
|
|
|
11/01/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leo J. Faresich |
|
|
3,000 |
|
|
|
12,000 |
* |
|
|
11.50 |
|
|
|
12/01/2017 |
|
|
|
|
22,000 |
|
|
|
|
|
|
|
9.09 |
|
|
|
11/01/2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diane M. Spinner |
|
|
3,000 |
|
|
|
12,000 |
* |
|
|
11.50 |
|
|
|
12/01/2017 |
|
|
|
|
11,000 |
|
|
|
|
|
|
|
9.09 |
|
|
|
11/01/2016 |
|
|
|
|
* |
|
Option award vests in equal annual amounts over a five year period ending December 1,
2012. |
-14-
Change In Control Agreements
We have entered into change in control agreements with each of our named executive officers
and each such agreement is on substantially similar terms. Under the terms of the agreements, a
named executive officer may receive a change in control payment in the event that he or she
terminates his or her employment within 90 days following a change in control. As used in the
agreement, a change in control means:
|
|
|
Any person acquiring securities representing more than 50% of the voting power
of the securities of the Company or the Bank; |
|
|
|
|
Any sale of all or substantially all of the assets of the Company or the Bank
to a third party; |
|
|
|
|
Any reorganization, merger, consolidation or similar transaction, unless the
shareholders immediately prior to any such transaction hold securities representing a
majority of the voting power of the entity surviving the transaction and the directors
immediately prior to the transaction represent a majority of the directors of the
entity surviving the transaction; and |
|
|
|
|
Any other event designated a change in control by our board of directors. |
The change in control payment which any named executive officer would be entitled to receive
under his or her agreement would be a lump sum equal to 2.9 times the highest annual base salary he
or she received in the year of termination and the two years immediately preceding. Assuming the
triggering events for the change in control payments occurred on December 31, 2008, the estimated
change in control payments which Mr. Buzzetti, Mr. Lesler, Mr. Faresich and Ms. Spinner would be
entitled to receive would be $594,500, $449,500, $536,500 and $388,600, respectively. Any change
in control payment would be made within 30 days following the recipients date of termination.
-15-
Director Compensation 2008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fees Earned or |
|
Option |
|
|
Name |
|
Paid in Cash ($) |
|
Awards ($) |
|
Total ($) |
Michael Bello |
|
|
4,500 |
|
|
|
22,000 |
|
|
|
26,500 |
|
Jay Blau |
|
|
6,250 |
|
|
|
22,000 |
|
|
|
28,250 |
|
Albert L. Buzzetti |
|
|
7,000 |
|
|
|
22,000 |
|
|
|
29,000 |
|
Gerald A. Calabrese, Jr. (2) |
|
|
7,000 |
|
|
|
6,050 |
|
|
|
13,050 |
|
Stephen Crevani |
|
|
5,000 |
|
|
|
22,000 |
|
|
|
27,000 |
|
John K. Daily |
|
|
8,000 |
|
|
|
22,000 |
|
|
|
30,000 |
|
Armand Leone, Jr., MD, JD |
|
|
10,000 |
|
|
|
22,000 |
|
|
|
32,000 |
|
Anthony M. Lo Conte |
|
|
4,500 |
|
|
|
22,000 |
|
|
|
26,500 |
|
Carmelo Luppino (1) |
|
|
4,000 |
|
|
|
22,000 |
|
|
|
26,000 |
|
Rosario Luppino |
|
|
5,750 |
|
|
|
22,000 |
|
|
|
27,750 |
|
Howard Mann |
|
|
5,750 |
|
|
|
22,000 |
|
|
|
27,750 |
|
Josephine Mauro |
|
|
7,000 |
|
|
|
22,000 |
|
|
|
29,000 |
|
Joel P. Paritz |
|
|
7,250 |
|
|
|
22,000 |
|
|
|
29,250 |
|
Christopher M. Shaari, MD |
|
|
5,250 |
|
|
|
22,000 |
|
|
|
27,250 |
|
Anthony Siniscalchi |
|
|
8,000 |
|
|
|
22,000 |
|
|
|
30,000 |
|
Mark Sokolich |
|
|
6,750 |
|
|
|
22,000 |
|
|
|
28,750 |
|
|
|
|
|
|
The option award amount indicated is the dollar amount recognized for financial statement reporting
purposes in accordance with SFAS 123R. The per share fair values of stock options granted to
non-employee directors is estimated on the date of grant using the Black-Scholes option pricing
model with the following assumptions used for the 2007 grants which vested over a 34 month period
and a 5 year period respectively. The options which vest over a 34 month period used the following
assumptions in determining the grant date fair value: dividend yield of 0.00%; expected volatility
of 14.33%; risk-free interest rate of 4.05%; and expected life of 4.01 years. The options which
vest over a 5 year period used the following assumptions in determining the grant date fair value:
dividend yield of 0.00%; expected volatility of 21.69%; risk-free interest rate of 3.28%; and
expected life of 5.03 years. The effects of applying these assumptions in determining net income
may not be representative of the effects on net income in future years. |
|
(1) |
|
Mr. Luppino served as a director until his passing on October 26, 2008. At the time of his
death, any unvested options were returned to the plan. |
At December 31, 2008 each non-employee director other than Mr. Calabrese had 30,000 options
outstanding, 20,000 of which were granted in October, 2007, vest over 34 months and expire on
10/1/2017, and 10,000 of which were granted in December, 2007, vest over 5 years and expire on
12/1/2017. At December 31, 2008, Mr. Calabrese had 10,000 options outstanding, all of which were
granted in December, 2007, vest over 5 years, and expire on 12/1/2017. All options granted to
directors during 2007 have an exercise price of $11.50 per option. There were no options granted
during 2008 to directors.
-16-
Having recovered all start-up costs related to the organization of the Bank and the Company,
and achieving a level of profitability during 2007, we began compensating non-employee Directors
for board meetings and committee meetings in January, 2008. Non-employee directors received
$500.00 per each attendance at board meetings and $250.00 for each attendance at committee
meetings.
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
The Bank has made, and expects to continue to make, loans in the future to our directors and
executive officers and their family members, and to firms, corporations, and other entities in
which they and their family members maintain interests. All such loans require the prior approval
of our board of directors. None of such loans are, as of the date of this proxy statement, or were
at December 31, 2008, nonaccrual, past due, restructured or potential problems, and all of such
loans were made in the ordinary course of business, on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable loans with persons
not related to the Company or the Bank and did not involve more than the normal risk of
collectibility or present other unfavorable features.
There were no other transactions in which any related person had or will have a direct or
indirect material interest. Except for our policies and procedures related to the approval of
loans, we have not yet adopted any formal policies and procedures for the review, approval, or
ratification of any transactions with related persons. Informally, however, any such transactions
would be reviewed by the disinterested members of the board of directors and, subject to their
determination that each is on arms-length terms, would be approved by them.
CODE OF ETHICS
We have adopted a code of conduct and ethics that applies to our principal executive officer,
principal financial officer, principal accounting officer and other senior financial officers. Our
code of conduct and ethics is available under the heading, Corporate Governance, at our Internet
website, www.bonj.net.
AUDIT-RELATED INFORMATION
Relationship with Independent Auditors
The audit committee selected BMC as the independent registered public accounting firm for the
Company for the fiscal years ending December 31, 2007 and 2008, and has approved BMC as the
independent registered public accounting firm for the Company for the fiscal year ending December
31, 2009. BMC has advised the Company that one or more of its representatives will be present at
the 2009 annual meeting to make a statement if they so desire and to respond to appropriate
questions.
The following table presents the aggregate fees, billed or expected to be billed, by BMC, the
Companys principal accountant, for the fiscal years ended December 31, 2008 and 2007.
|
|
|
|
|
|
|
|
|
Fee Category |
|
2008 Fees ($) |
|
|
2007 Fees ($) |
|
Audit Fees (1) |
|
$ |
95,050 |
|
|
$ |
74,003 |
|
Audit-Related Fees (2) |
|
|
|
|
|
|
|
|
Tax Fees (3) |
|
$ |
11,500 |
|
|
$ |
10,500 |
|
All Other Fees (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Fees |
|
$ |
106,550 |
|
|
$ |
84,503 |
|
-17-
|
|
|
1. |
|
Audit Fees consist of the aggregate fees billed for professional services rendered by BMC for
the audit of the Companys annual financial statements and review of financial statements
included in the Companys quarterly reports on Form 10-Q, or services that are normally
provided by BMC in connection with statutory and regulatory filings or engagements. |
|
2. |
|
Audit-Related Fees consist of the aggregate fees billed for assurance and related services by
BMC that are reasonably related to the performance of the audit or review of the Companys
financial statements and are not reported under Audit Fees. There were no audit-related
fees paid during 2008 or 2007. |
|
3. |
|
Tax Fees consist of the aggregate fees billed for professional services rendered by BMC for
tax compliance, tax advice, and tax planning. The services comprising the fees disclosed
under this category include the preparation of state and federal tax returns as well as
assisting with calculating estimated tax payments. |
|
4. |
|
All Other Fees consist of the aggregate fees billed for products and services provided by
BMC, other than the services reported under Audit Fees, Audit-Related Fees, and Tax
Fees. There were no fees paid for all other fees during 2008 or 2007. |
The audit committees charter includes a formal policy concerning the pre-approval of audit
and non-audit services (including the fees and terms thereof) to be provided by the independent
registered accounting firm of the Company, subject to the de minimis exception for non-audit
services described in Section 10A(i)(1)(B) of the Exchange Act, which are approved by the audit
committee prior to the completion of the audit. The policy requires that all services to be
performed by BMC, including audit services, audit-related services and permitted non-audit
services, be pre-approved by the audit committee. The chairperson of the audit committee is
authorized to execute any engagement letter or agreement with BMC for and on behalf of the Company.
All services rendered by BMC are permissible under applicable laws and regulations, and the audit
committee pre-approved all audit, audit-related and non-audit services performed by BMC during
2008. The audit committee has considered whether the provision of services after the audit
services (as specified above) is compatible with maintaining BMCs independence and has determined
that provision of such services has not adversely affected BMCs independence.
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section 16(a) of the Exchange Act requires the Companys officers and directors and persons
who own more than ten percent of a registered class of the Companys equity securities
(ten-percent holders) to file reports of ownership and changes in ownership with the SEC.
Officers, directors and ten-percent holders are required by regulation to furnish the Company with
copies of all Section 16(a) forms they file.
To the Companys knowledge, based solely on review of the copies of such reports furnished to
the Company and written representations that no other reports were required, during the fiscal year
ended December 31, 2008, each of the Companys officers, directors and greater than ten-percent
holders complied with all Section 16(a) filing requirements applicable to him or it.
-18-
EQUITY COMPENSATION PLAN INFORMATION
The following table sets forth information, as of the end of the fiscal year ended December
31, 2008, with respect to compensation plans under which the Company is authorized to issue shares
of common stock.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
|
|
|
|
|
|
|
|
|
Remaining Available |
|
|
|
|
|
|
|
|
|
|
for Future Issuance |
|
|
|
|
|
|
|
|
|
|
Under Equity |
|
|
Number of Shares to |
|
|
|
|
|
Compensation Plans |
|
|
Be Issued upon |
|
Weighted-average |
|
(Excluding |
|
|
Exercise of |
|
Exercise Price of |
|
Securities |
|
|
Outstanding Options, |
|
Outstanding Options, |
|
Reflected in |
Plan Category |
|
Warrants and Rights |
|
Warrants and Rights |
|
First Column |
Equity Compensation Plans
approved by security holders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2006 Stock Option Plan |
|
|
188,900 |
|
|
$ |
10.26 |
|
|
|
19,684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2007 Non-Qualified Stock
Option Plan for Directors |
|
|
414,668 |
|
|
$ |
11.50 |
|
|
|
43,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity compensation plans
not approved by security holders |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
603,568 |
|
|
$ |
11.16 |
|
|
|
63,018 |
|
The 2006 Stock Option Plan and the 2007 Non-Qualified Stock Option Plan for Directors were approved
by the shareholders of the Bank and assumed by the Company in connection with the holding company
reorganization, which also was approved by the shareholders of the Bank, in July 2007.
-19-
SHAREHOLDER PROPOSALS
Nominations of persons for election to the board of directors and the proposal of business to
be considered by the shareholders at an annual meeting of shareholders may be made by any
shareholder of the Company who was a shareholder of record at the time of the notice for the annual
meeting, who is entitled to vote at the annual meeting, and who complies with the notice procedures
set forth in our bylaws.
For director nominations or other proposals to be properly brought before the 2010 annual
meeting by a shareholder, the shareholder must give written notice to the Secretary of the Company
at Bancorp of New Jersey, Inc., 1365 Palisade Avenue, Fort Lee, New Jersey 07024, by March 22,
2010, and any proposal other than a director nomination must be a proper matter for shareholder
action, and not otherwise excludable under the rules and regulations of the SEC. In order for a
shareholder proposal other than a director nomination to be included in the Companys proxy
statement for the 2010 annual meeting of shareholders, in addition to meeting all of the
requirements set forth in our bylaws, and all requirements of applicable securities laws, the
Company must receive the proposal by December 22, 2009.
A shareholders notice shall set forth (i) as to each person whom the shareholder proposes to
nominate for election or reelection as a member of the board of directors: (1) all information
relating to such person that is required to be disclosed in solicitations of proxies for election
of members of the board of directors in an election contest or is otherwise required pursuant to
Regulation 14A under the Exchange Act, (2) a description of any arrangements or understandings
among the shareholder and each such person and any other person with respect to such nomination,
and (3) the consent of each such person to being named in the proxy statement as a nominee and to
serving as a member of the board of directors if so elected; (ii) as to any other business that the
shareholder proposes to bring before the meeting, a brief description of the business desired to be
brought before the meeting, the reasons for conducting such business at the meeting and any
material interest in such business of such shareholder and the beneficial owner, if any, on whose
behalf the proposal is made; and (iii) as to the shareholder giving the notice and the beneficial
owner, if any, on whose behalf the nomination or proposal is made (1) the name and address of such
shareholder, as they appear on the corporations books, and of such beneficial owner; (2) the class
and number of shares of the corporation which are owned beneficially and of record by such
shareholder and such beneficial owner; and (3) a representation that such shareholder and
beneficial owner intend to appear in person or by proxy at the meeting.
-20-
REPORTS AND OTHER DOCUMENTS
Annual Report
A copy of the Companys 2008 Annual Report to Shareholders accompanies this proxy statement.
On written request, we will provide, without charge, a copy of our Annual Report on Form 10-K for
the year ended December 31, 2008, as filed with the SEC (including a list briefly describing the
exhibits thereto), to any record holder or beneficial owner of common stock on April 15, 2009, the
record date for the annual meeting, or to any person who subsequently becomes such a record holder
or beneficial owner. Additionally, our proxy statement, annual report to shareholders, and proxy
card are available on our website at www.bonj.net. Requests should be directed to the attention of
the Secretary of the Company at Bancorp of New Jersey, Inc., 1365 Palisade Avenue, Fort Lee, New
Jersey 07024.
Security Holders Sharing an Address
Only one copy of this proxy statement and the accompanying 2008 Annual Report to Shareholders
is being delivered to multiple shareholders sharing an address unless we have previously received
contrary instructions from one or more of such shareholders. On written or oral request to the
Secretary of the Company at Bancorp of New Jersey, Inc., 1365 Palisade Avenue, Fort Lee, New Jersey
07024, (201) 944-8600, we will deliver promptly a separate copy of this proxy statement and the
accompanying 2008 Annual Report to Shareholders to a shareholder at a shared address to which a
single copy of the documents was delivered. Shareholders sharing an address who wish, in the
future, to receive separate copies or a single copy of our proxy statements and annual reports
should provide written or oral notice to the Secretary of the Company at the address and telephone
number set forth above.
BY ORDER OF THE BOARD OF DIRECTORS
DIANE M. SPINNER
Secretary
-21-
BANCORP OF NEW JERSEY, INC.
REVOCABLE PROXY FOR
ANNUAL MEETING OF SHAREHOLDERS
MAY 21, 2009
Solicited on behalf of the Board of Directors
The undersigned hereby appoints Albert F. Buzzetti and Michael Lesler, and each of them, with
full power of substitution, to vote, as designated below, all the shares of Bancorp of New Jersey,
Inc. common stock held of record by the undersigned at the close of business on April 15, 2009, at
the annual meeting of shareholders, to be held May 21, 2009, and at any and all adjournments or
postponements thereof. The undersigned hereby revokes any and all earlier dated proxies with
respect to such annual meeting. This proxy, when properly executed, will be voted in the manner
directed herein by the undersigned. If no direction is made, this proxy will be voted FOR each of
boards director nominees. The board of directors recommends a vote FOR each of its director
nominees.
(Continued and to be signed on the reverse side) |
ANNUAL MEETING OF SHAREHOLDERS OF
BANCORP OF NEW JERSEY, INC.
May 21, 2009
NOTICE OF INTERNET AVAILABILITY OF PROXY MATERIAL:
The Notice of Meeting, Proxy Statement, Proxy Card are available at www.bonj.net
Please sign, date and mail your proxy card in the envelope provided as soon as possible.
Please detach along perforated line and mail in the envelope provided.
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE
OR BLACK INK AS SHOWN HERE [x]
1. Election of six directors of Bancorp of New Jersey, Should a director
Inc., each to hold office until the 2012 annual meeting nominee be unable
of shareholders and until their successors are elected to serve as a
and qualify. director, an event
the Bancorp of New
Jersey, Inc. does
not currently
anticipate, the
persons named in
this proxy reserve
the right, in their
discretion to vote
for a substitute
nominee designated
by the board of
directors.
This proxy may be
revoked at any time
before it is voted
on by delivering to
the secretary of
Bancorp of New
Jersey, Inc. on or
before the taking
of the vote at the
annual meeting, a
written notice of
revocation bearing
a later date than
the proxy or a
later dated proxy
relating to the
same shares of
Bancorp of New
Jersey, Inc. common
stock, or by
attending the
annual meeting and
voting in person.
Attendance at the
annual meeting will
not in itself
constitute the
revocation of a
proxy. If this
proxy is properly
revoked as
described above,
then the power of
the persons named
in this proxy shall
be deemed
terminated and of
no further force
and effect.
The undersigned
acknowledges
receipt from
Bancorp of New
Jersey, Inc. prior
to the execution of
this proxy, of the
Notice of Annual
Meeting scheduled
to held on May 21,
2009, the Proxy
Statement dated on
or about April 21,
2009, and Bancorp
of New Jersey,
Inc.s 2008 Annual
Report.
[ ] FOR ALL NOMINEES NOMINEES:
O Michael Bello
O Jay Blau
O Albert F. Buzzetti
O Albert L. Buzzetti
O Gerald A. Calabrese, Jr.
O Stephen Crevani
[ ] WITHHOLD AUTHORITY
FOR ALL NOMINEES
[ ] FOR ALL EXCEPT
(See instructions below)
INSTRUCTIONS: To withhold authority to vote for any
individual nominee(s), mark FOR ALL EXCEPT
and fill in the circle next to each nominee you wish to
withhold, as shown here:
In order to assist
us in providing
proper
accommodations for
the annual meeting,
please advise
whether you plan to
attend in person.
Your response will
not affect your
proxy, your ability
to attend the
meeting or your
ability to vote
your shares in
person.
To change the address on your account, please check the Please mark here if
box at right and indicate your new address in the you plan to attend
address space above. Please note that changes to the the annual meeting.
registered name(s) on the account may not be submitted [ ]
via this method. [ ]
Signature of Stockholder Date: Signature of Stockholder Date:
Note: Please sign exactly as your name or names appear on this Proxy. When shares are held jointly,
each holder should sign. When signing as executor, administrator, attorney, trustee or guardian,
please give full title as such. If the signer is a corporation, please sign full corporate name by
duly authorized officer, giving full title as such. If signer is a partnership, please sign in
partnership name by authorized person. |