Press Release (ePRNews.com) - Cranbury, New Jersey - Jun 22, 2016 - Effective June 17, 2016, John P. Costas tendered his resignation from all of his Board related duties at the First Constitution Bank headquartered in Cranbury, New Jersey. Mr. Costas‘ resignation was based on the conclusion that the governance practices of the bank and the leadership provided by the Bank’s Chairman rendered the board and his position on it to be ineffectual. He has asked the Board to implement the 18 governance improvement recommendations cited by the Kafafian Group, a third party consultant, in a recently conducted review of the Bank’s governance processes. Mr. Costas fully supports those findings, including the combination of the Bank and Holding Company Boards.
Mr. Costas, a significant shareholder in the bank, will continue to urge the board to craft a strategy, elect Board leadership and implement governance policies and procedures that protect the interests of all shareholders, customers and the community going forward. Source :
Costas Holdings LLC.