Hilltop
Community Bank Completes Reorganization Into Holding Company
October 1, 2004
SUMMIT, N.J., Hilltop
Community Bank (OTC Bulletin Board: HTCB.OB), a New Jersey commercial bank
(the "Bank") today completed its reorganization into a holding
company, Hilltop Community Bancorp, Inc., a New Jersey chartered
corporation ("Bancorp"). As a result of the reorganization, each
outstanding share of common stock and each outstanding warrant for shares
of common stock of the Bank have been automatically converted into and
exchanged, on a one-for-one basis, for shares of common stock and warrants
for common stock of the Bancorp. On Monday, October 4, 2004, the common
stock of the Bancorp will begin trading on the OTCBB under the new symbol
"HTBC.OB" and the warrants for common stock of the Bancorp will
begin trading on the OTCBB under the new symbol "HTBCW.OB".
The Bank, which commenced operations in
Summit, New Jersey on February 7, 2000, operates as a locally
headquartered, community-oriented bank engaged in a general commercial
banking business. The Bank provides a broad array of personal, consumer
and commercial banking services to individuals and businesses located in
northern New Jersey, including Summit, Berkeley Heights and Madison as
well as the surrounding communities of Springfield, Westfield, New
Providence, Millburn, Mountainside, Watchung, Warren and Chatham. The Bank
will continue its current business and operations as a subsidiary of the
Bancorp.
The foregoing contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about new and existing programs and products, relationships, opportunities, technology and market conditions. Such forward looking statements involve certain risks and uncertainties. These include, but are not limited to, the direction of movements in interest rates, the possibility of disruption in credit markets, successful implementation and integration of acquisitions, the effects of economic conditions and the impact of legal and regulatory barriers and structures. Actual results may differ from such forward looking statements. The bank assumes no obligation for updating any such forward looking statements at any time.
