Brunswick Bancorp (OTC: BRBW) announced the re-election of James Atieh and Nicholas A. Frungillo, Jr. to its Board of Directors during the 2021 Annual Meeting of Shareholders. Mr. Atieh received approximately 68% approval despite opposition from a dissident nominee, while Mr. Frungillo secured about 98% of the votes cast. This decision reflects confidence in the leadership of Brunswick Bancorp, which operates as a holding company for Brunswick Bank & Trust, serving central New Jersey with multiple branch locations.
Brunswick Bancorp (OTC: BRBW) announced the re-election of James Atieh and Nicholas A. Frungillo, Jr. to its Board of Directors during the 2021 Annual Meeting of Shareholders held on April 27, 2021. Preliminary voting results indicated that Mr. Atieh received approximately 68% approval, while Mr. Frungillo garnered about 98%. Chairman Frank Gumina expressed gratitude to shareholders for their support, while Mr. Frungillo reaffirmed the Company's commitment to enhancing overall performance and shareholder value.
Brunswick Bancorp (OTC: BRBW) announced the sale of its largest non-performing asset, a real estate parcel linked to a defaulted loan. The sale is subject to standard commercial real estate conditions, including buyer diligence and development approvals. The purchase price exceeds the Bank's carrying value for the property, which the Company aims to resolve without further loss. CEO Nicholas A. Frungillo, Jr., expressed confidence in completing the sale promptly.
Brunswick Bancorp (OTC: BRBW) reported strong Q1 2021 results, with total assets increasing by 8.96% to $344.3 million, driven by new loan demand and participation in the Paycheck Protection Program (PPP). Net income surged 139.35% to $552,000 compared to Q1 2020. Loans grew by 6.57% to $253.5 million, while deposits rose 8.49% to $251.9 million. Despite a decrease in yield on interest-earning assets from 4.97% to 4.21%, net interest income rose 27.75% to $2.714 million. The Bank remains well-capitalized and continues to monitor loan loss provisions due to COVID-19 impacts.
Brunswick Bancorp (OTC: BRBW) reported robust financials for 2020, with total assets rising 31.77% to $316.0 million. The loan portfolio grew by 22.25% to $237.9 million, and deposits increased 19.65% to $232.2 million. Net income surged 113.42% to $2.705 million, driven by core business improvements and a $2.201 million gain from asset sales. A special cash dividend of $0.25 per share will be distributed on February 5, 2021. CEO Nicholas A. Frungillo emphasized continued growth amid the challenges of COVID-19.