1st Constitution Bank entered into an agreement to acquire Shore Community Bank (OTCPK:SHRC) ("Shore") for approximately $51.7 million on June 23, 2019. Under the terms of the merger agreement, Shore shareholders will have the right to elect 0.8786 of a share of 1ST Constitution Bancorp (Nasdaq:FCCY) ("FCCY”), the parent company of 1st Constitution Bank, or $16.5 in cash, or a combination of FCCY common stock and cash for each share of Shore common stock that they own, notwithstanding any such election, 55% of the total number of shares of common stock of Shore issued and outstanding shall be converted into shares of common stock of the 1ST Constitution Bancorp and 45% of such shares shall be converted into cash. FCCY expects to issue 1,509,348 new shares of common stock in the transaction and the mix of the consideration will be approximately 55% stock and 45% cash. Upon the closing of the transaction, Shore will merge with and into 1ST Constitution Bank. Following consummation of the merger, 1st Constitution will have approximately $1.5 billion in assets, $1.1 billion of loans and $1.2 billion of deposits, with 26 full-service banking offices located in Bergen, Middlesex, Monmouth, Mercer, Ocean and Somerset Counties, New Jersey. Shore Community will pay a fees of $2.25 million in case Shore Community terminates the agreement. Pursuant to the transaction, FCCY will appoint one Shore Director to its corporate and bank boards. FCCY intends to keep as many Shore employees as possible. Any full time Shore employee who has been employed for at least a year and who is not retained as a result of the merger or who is terminated within twelve months from the closing date will receive two weeks of base pay for each full year of employment subject to a minimum of four weeks and a maximum of twenty six weeks. The transaction is subject to approval by the shareholders of Shore, as well as regulatory approvals, the effectiveness of the registration statement (Form S-4) and other customary closing conditions. The merger was unanimously approved by the boards of directors of both FCCY and Shore. The special meeting of Shore Community shareholders to approve the transaction will be held on October 18, 2019. As of August 26, 2019, the registration statement has been declared. As of August 30, 2019, the Federal Deposit Insurance Corporation has approved the transaction. As of September 27, 2019, the transaction received approval from the New Jersey Department of Banking and Insurance. As of October 17, 2019, shareholders of Shore Community Bank approved the merger. The transaction is anticipated to be completed during the fourth quarter of 2019. As of September 27, 2019, the transaction is expected to close in November 2019. As of October 18, 2019, the transaction is expected to close on November 8, 2019. The acquisition is anticipated to be 17.6% accretive to FCCY earnings per share for 2020 and 21.1% accretive in 2021. The transaction is anticipated to lead to a 13.1% dilution to the tangible book value per share with crossover earn back of 4.7 years. D.A. Davidson & Co. served as financial advisor, and Frank E. Lawatsch and Scott W. Goodman of Day Pitney LLP as legal advisors to FCCY in connection with the transaction. Raymond James acted as financial advisor, while Robert A. Schwartz of Windels Marx Lane & Mittendorf LLP served as legal advisor to Shore. Raymond James & Associates, Inc. acted as the fairness opinion provider to Shore. Shore paid Raymond James a fee of $0.2 million upon delivery of its opinion, which fee is credited towards the transaction fee due to Raymond James upon the closing of the merger. Shore will also pay Raymond James a fee equal to the greater of $0.6 million or 1.2% of the transaction value of the merger. Georgeson LLC acted as the information agent to Shore and would receive a fee of $5,500 for its services. American Stock Transfer & Trust Company, LLC acted as the transfer agent to 1st Constitution Bank. 1st Constitution Bank completed the acquisition of Shore Community Bank (OTCPK:SHRC) ("Shore") on November 8, 2019.