Cape Bancorp, Inc. Announces a Stock Repurchase Program
December 23 2013 - 8:00AM
Marketwired
Cape Bancorp, Inc. Announces a Stock Repurchase Program
CAPE MAY COURT HOUSE, NJ--(Marketwired - Dec 23, 2013) - Cape
Bancorp, Inc. (the "Company") (NASDAQ: CBNJ), the parent company of
Cape Bank, today announced that the Company's Board of Directors
has authorized a third stock repurchase program for the repurchase
of up to 5% or approximately 602,989 shares of the Company's issued
and outstanding common shares from its shareholders. The Company's
second stock repurchase program was completed on October 3,
2013.
The stock repurchase program may be carried out through open
market purchases, block trades, negotiated private transactions and
pursuant to a trading plan that will be adopted in accordance with
Rule 10b5-1 of the Securities and Exchange rules. The stock will be
repurchased on an ongoing basis and will be subject to the
availability of stock, general market conditions, the trading price
of the stock, alternative uses for capital and the Company's
financial performance.
Cape Bancorp, Inc., with total assets of $1.07 billion at
September 30, 2013, is the parent company of Cape Bank, a New
Jersey chartered savings bank which operates fifteen offices
serving individuals and small to mid-sized businesses in Atlantic
and Cape May Counties, New Jersey. Cape Bank is a member of the
FDIC and an Equal Housing Lender.
Forward-looking statements
This news release may contain certain forward-looking
statements, such as statements of the Company's or Cape Bank's
plans, objectives, expectations, estimates and intentions.
Forward-looking statements may be identified by the use of words
such as "expects," "subject," "believe," "will," "intends," "will
be" or "would." These statements are subject to change based on
various important factors (some of which are beyond the Company's
or Cape Bank's control) and actual results may differ materially.
Accordingly, readers should not place undue reliance on any
forward-looking statements (which reflect management's analysis of
factors only as of the date of which they are given). These factors
include general economic conditions, trends in interest rates, the
ability of our borrowers to repay their loans, the ability of the
Company or Cape Bank to effectively manage its growth, and results
of regulatory examinations, among other factors. The foregoing list
of important factors is not exclusive. Readers should carefully
review the risk factors described in other documents the Company
files from time to time with the Securities and Exchange
Commission.
For further information contact Michael D. Devlin President and
Chief Executive Officer or Guy Hackney Chief Financial Officer Cape
Bancorp: (609) 465-5600
Community Bancorp OF New Jersey (NASDAQ:CBNJ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Community Bancorp OF New Jersey (NASDAQ:CBNJ)
Historical Stock Chart
From Apr 2023 to Apr 2024