Cape Bank to Purchase Hammonton, New Jersey Branch From Sun National Bank
01 April 2015 - 12:06AM
Cape Bancorp, Inc. (Nasdaq:CBNJ), the holding company for Cape
Bank, today announced that Cape Bank has entered into a definitive
agreement with Sun National Bank ("Sun") to acquire Sun's branch
location in Hammonton, New Jersey. The purchase includes
approximately $34.1 million of deposits and approximately $4.9
million of loans. Subject to the receipt of regulatory approvals
and the satisfaction of customary closing conditions, the branch
purchase is expected to be completed in July of 2015.
"Cape Bank is excited to expand our franchise into Hammonton,
New Jersey, an area in which our company is very familiar. We look
forward to welcoming new customers to Cape Bank and providing them
with full service banking and excellent customer service," said
Michael D. Devlin, President and CEO of Cape.
Sterne, Agee & Leach, Inc. is serving as financial advisor
and Luse Gorman, PC is serving as legal counsel to Cape on the
transaction. Sandler O'Neill & Partners, L.P. is serving as
financial advisor and Wachtell, Lipton, Rosen & Katz is serving
as legal counsel to Sun on the transaction.
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, one drive-up teller/ATM operation in Atlantic County, one
loan office in Center City, Philadelphia, and two market
development offices located in Burlington County, New Jersey and in
Radnor, Pennsylvania. Cape can be contacted at (609) 465-5600
or 225 North Main Street, Cape May Court House, New Jersey.
To learn more about the Company, please visit
www.capebanknj.com.
ABOUT SUN BANCORP, INC.
Sun Bancorp, Inc. (Nasdaq:SNBC) is a $2.7
billion asset bank holding company headquartered in Mount
Laurel, New Jersey. Its primary subsidiary is Sun National
Bank, a community bank serving customers throughout New
Jersey. Sun National Bank is an Equal Housing Lender and
its deposits are insured up to the legal maximum by
the Federal Deposit Insurance Corporation (FDIC). For
more information about Sun National Bank and Sun
Bancorp, Inc., visit www.sunnationalbank.com.
FORWARD LOOKING STATEMENTS
This press release discusses primarily historical information.
However, certain statements contained herein are "forward looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
Such forward looking statements may be identified by reference to a
future period or periods, or by the use of forward looking
terminology, such as "may," "will," "believe," "expect,"
"estimate," "anticipate," "continue," or similar terms or
variations on those terms, or the negative of those terms. Forward
looking statements are subject to numerous risks, as described in
our SEC filings, and uncertainties, including, but not limited to,
those related to the economic environment, particularly in the
market areas in which the Company operated, competitive products
and pricing, fiscal and monetary policies of the U.S. Government,
changes in government regulations affecting financial institutions,
including regulatory fees and capital requirements, changes in
prevailing interest rates, acquisitions and the integration of
acquired businesses, credit risk management, asset-liability
management, the financial and securities markets and the
availability of and costs associated with sources of liquidity.
The Company wishes to caution readers not to place undue
reliance on any such forward looking statements, which speak only
as of the date made. The Company wishes to advise readers that the
factors listed above could affect the Company's financial
performance and could cause the Company's actual results for future
periods to differ materially from any opinions or statements
expressed with respect to future periods in any current statements.
The Company does not undertake and specifically declines any
obligation to publicly release the results of any revisions, which
may be made to any forward looking statements to reflect events or
circumstances after the date of such statements or to reflect the
occurrence of anticipated or unanticipated events.
CONTACT: Cape Bancorp, Inc.
Michael D. Devlin, (609) 465-5600
President & Chief Executive Officer
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