Cape Bancorp, Inc. Announces Completion of Merger With Colonial Financial Services, Inc. of Vineland, NJ
April 01 2015 - 08:00AM
Cape Bancorp, Inc. ("Cape Bancorp" or the "Company") (Nasdaq:CBNJ),
the holding company for Cape Bank, announced today that it has
successfully completed its acquisition of Colonial Financial
Services, Inc. ("Colonial") (Nasdaq:COBK).
As part of the agreement, Colonial merged with and into Cape
Bancorp, and Colonial Bank, FSB, a wholly-owned subsidiary of
Colonial, merged with and into Cape Bank. The former locations of
Colonial Bank, FSB will be operated as financial centers of Cape
Bank under the name of Colonial Bank, FSB until system conversions
are completed in May of 2015.
The acquisition was first announced on September 10, 2014. Cape
Bancorp and Colonial shareholders approved the acquisition on March
18, 2015 and all regulatory approvals have been received.
With the acquisition, Cape Bancorp now has 22 banking centers
throughout Southern New Jersey and assets of approximately $1.6
billion.
Michael D. Devlin, President and CEO of Cape Bancorp, commented,
"Cape Bancorp is pleased to announce the completion of its
acquisition of Colonial Financial Services and Colonial Bank,
FSB. The transaction increases our asset size by approximately
50% and will help Cape Bancorp deliver value to its shareholders
through increased operating scale and cost efficiencies."
ABOUT CAPE BANCORP, INC.
Cape Bancorp, Inc. with total assets of $1.1 billion at December
31, 2014, is the parent company of Cape Bank, a New Jersey
chartered savings bank providing a complete line of business and
personal banking products through its fourteen full service offices
located throughout Atlantic and Cape May counties in Southern New
Jersey, including its main office located at 225 North Main Street,
Cape May Court House, New Jersey, one drive-up teller/ATM operation
in Atlantic County, three market development offices ("MDOs")
located in Burlington, Cape May and Atlantic Counties in New
Jersey, and two MDOs in Pennsylvania servicing the five county
Philadelphia market located in Radnor, Delaware County and in
Philadelphia. Cape Bancorp can be contacted at (609) 465-5600 or
225 North Main Street, Cape May Court House, New Jersey. To learn
more about Cape Bancorp, please visit www.capebanknj.com.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements are not historical facts, but rather
statements based on the Company's current expectations regarding
our business strategies and their intended results and future
performance. Forward-looking statements are preceded by terms such
as "expects," "believes," "anticipates," "intends" and similar
expressions, as well as any statements related to future
expectations of performance or conditional verbs, such as "will,"
"would," "should," "could," or "may."
Forward-looking statements are not guarantees of future
performance. Numerous risks and uncertainties could cause or
contribute to the Company's actual results, performance, and
achievements to be materially different from those expressed or
implied by the forward-looking statements. Factors that may cause
or contribute to these differences include, without limitation, the
Company's failure to integrate Colonial Financial Services, Inc.
and Colonial Bank, FSB in accordance with expectations; deviations
from performance expectations related to Colonial Financial
Services, Inc. and Colonial Bank, FSB; general economic conditions,
including changes in market interest rates and changes in monetary
and fiscal policies of the federal government; legislative and
regulatory changes; competitive conditions in the banking markets
served by the Company's subsidiaries; the adequacy of the allowance
for losses on loans and the level of future provisions for losses
on loans; and other factors disclosed periodically in the Company's
filings with the Securities and Exchange Commission.
Because of the risks and uncertainties inherent in
forward-looking statements, readers are cautioned not to place
undue reliance on them, whether included in this report or made
elsewhere from time to time by the Company or on the Company's
behalf. The Company assumes no obligation to update any
forward-looking statements.
CONTACT: Cape Bancorp, Inc.
Michael D. Devlin, (609) 465-5600
President & Chief Executive Officer
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