Cape Bancorp, Inc. and Colonial Financial Services, Inc. Announce Receipt of Shareholder Approvals for Merger
March 18 2015 - 6:25PM
Cape Bancorp, Inc. ("Cape" or the "Company") (Nasdaq:CBNJ), the
holding company for Cape Bank, and Colonial Financial Services,
Inc. ("Colonial") (Nasdaq:COBK), the holding company for Colonial
Bank, FSB, today jointly announced that shareholders of both
companies have approved the agreement and plan of merger dated
September 10, 2014. Additionally, the companies have received all
required regulatory approvals to consummate the transaction.
Subject to satisfaction of all remaining closing conditions for
the transaction, the anticipated closing date of the merger will be
on or about April 1, 2015, at which time Colonial will be merged
with and into Cape and Colonial Bank, FSB will be merged with and
into Cape Bank. Colonial Bank, FSB offices will become branches of
Cape Bank.
In advance of the closing, shareholders of Colonial have
received cash/stock election materials through which they may elect
to receive stock consideration or cash consideration, subject to
the proration requirements described in the merger agreement and
the Joint Proxy Statement/Prospectus. The cash/stock election
deadline is March 26, 2015.
Cape estimates it will have approximately $1.6 billion in assets
and 22 banking centers throughout Southern New Jersey after the
transaction closes.
Michael D. Devlin, President and CEO of Cape, stated, "We are
eager to welcome Colonial Bank customers and employees to Cape
Bank. We are excited about the opportunity to expand our
franchise and continue to deliver value to our shareholders. "
Gregory J. Facemyer, Colonial's Chairman, commented, "We look
forward to becoming a partner with a strong and reputable financial
institution such as Cape Bank. The merger will provide a
broader array of products and exceptional service to our longtime
customers and communities."
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 COLONIAL FINANCIAL SERVICES, INC.
Colonial Financial Services, Inc. is the holding company for
Colonial Bank, FSB which began in 1913 as a small mortgage
association in downtown Bridgeton. It is now a full-service
community bank with nine locations in the heart of South Jersey.
Colonial Bank, FSB offers a full line of products and
services to meet all consumer and commercial banking needs.
For more information, please call (856) 205-0058.
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 and Colonial Bank in
accordance with expectations; deviations from performance
expectations related to Colonial and Colonial Bank; 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
Colonial Financial Services, Inc.
Edward J. Geletka, (856) 205-0058
President & Chief Executive Officer
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