Boardwalk Bancorp, Inc. Announces Close of Cape Bancorp Subscription Offering and Extension of Cape Bancorp Community Offering
27 December 2007 - 8:17AM
Marketwired
LINWOOD, NJ ("Boardwalk") announced today that Cape Bancorp,
Inc. ("Cape"), the proposed holding company for Cape Savings Bank,
has advised Boardwalk that Cape has completed its subscription
offering, and extended its community offering until December 31,
2007. Boardwalk also announced that Cape has advised it that Cape
intends to commence a syndicated community offering in early
January 2008, and that Cape is increasing the maximum purchase
limitations to $2.5 million for individual purchasers and $3.6
million for group or in concert purchasers.
Boardwalk will hold a special meeting of shareholders on Friday,
January 4, 2008, at 10:00 a.m., at the Wildwood Golf and Country
Club, 1170 Golf Club Road, Cape May Court House, New Jersey, to
vote on a proposal to approve and adopt an agreement and plan of
reorganization under which Boardwalk would merge with and into Cape
Bancorp, and Boardwalk Bank would merge with and into Cape Savings
Bank. Boardwalk shareholders of record on November 6, 2007 are
eligible to vote at the Boardwalk special meeting.
Completion of the transaction is subject to a number of
conditions, including approval by Boardwalk's shareholders and
Cape's depositors and successful completion the conversion of Cape
Savings Bank from mutual to stock form and Cape Bancorp's initial
public offering. Boardwalk and Cape presently expect that the
offering and the merger will be completed in late January 2008.
About Boardwalk Bancorp
Boardwalk Bancorp is the parent company of Boardwalk Bank, a New
Jersey state chartered commercial bank, headquartered in Linwood,
New Jersey. Boardwalk Bank was organized in 1999 and subsequently
formed Boardwalk Bancorp in 2006. Boardwalk Bancorp provides
banking services to small and mid-sized businesses and
professionals through its seven offices located in Cape May and
Atlantic counties, New Jersey. At September 30, 2007, Boardwalk
Bancorp had total assets of $445.3 million, total deposits of
$311.2 million and shareholders' equity of $49.9 million.
Additional information about Boardwalk Bancorp is available on its
website, www.boardwalkbank.com.
Forward-Looking Statements
This news release contains certain forward-looking statements.
Forward-looking statements can be identified by the fact that they
do not relate strictly to historical or current facts. They often
include words like "believe," "expect," "anticipate," "intend,"
"plan," "estimate" or words of similar meaning, or future or
conditional verbs such as "will," "would," "should," "could" or
"may." Forward-looking statements, by their nature, are subject to
risks and uncertainties. A number of factors, including those
identified in Boardwalk's Form 10-K for the year ended December 21,
2006, the proxy statement-prospectus, dated November 13, 2007,
distributed in connection with the special meeting of shareholders
to be held on January 4, 2008, and Boardwalk's other public
filings, could cause actual conditions, events or results to differ
significantly from those described in the forward-looking
statements. Forward-looking statements speak only as of the date
they are made. Boardwalk Bancorp, Inc. and Boardwalk Bank do not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made or to reflect the occurrence of
unanticipated events.
CONTACT: Michael D. Devlin Chairman of the Board, President and
Chief Executive Officer 609-601-0600 Boardwalk Bancorp, Inc. 201
Shore Road Linwood, New Jersey 08221
Boardwalk Bancorp (MM) (NASDAQ:BORD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Boardwalk Bancorp (MM) (NASDAQ:BORD)
Historical Stock Chart
From Sep 2023 to Sep 2024