Cape Bancorp, Inc. and Colonial Financial Services, Inc. Announce Receipt of Regulatory Approvals for Pending Merger
January 26 2015 - 4:39PM
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 ("Colonial Bank"), jointly announced today that they have
received approval from both the Federal Deposit Insurance
Corporation and the New Jersey Department of Banking and Insurance
to complete the pending merger of their subsidiary banks, which,
when completed, will result in Colonial Bank merging with and into
Cape Bank, with Cape Bank as the surviving institution. In
addition, Cape has received approval from the Federal Reserve Bank
of Philadelphia to acquire Colonial, and thereby indirectly acquire
Colonial Bank. Accordingly, Cape and Colonial have received all
requisite regulatory approvals necessary to complete the merger
transaction.
Cape stockholders are scheduled to vote on the proposed
transaction at a special meeting of stockholders to be held on
March 18, 2015. Cape stockholders of record as of February 6, 2015
are eligible to vote at the special meeting of stockholders.
Colonial stockholders are scheduled to vote on the proposed
transaction at a special meeting of stockholders to be held on
March 18, 2015. Colonial stockholders of record as of February 6,
2015 are eligible to vote at the special meeting of
stockholders.
Additional Information About the Merger and Where to
Find It
Cape Bancorp, Inc. has filed a registration statement with the
Securities and Exchange Commission (the "SEC") under the Securities
Act of 1933, as amended. The registration statement includes a
joint proxy statement/prospectus and other relevant documents in
connection with the proposed merger. CAPE AND COLONIAL STOCKHOLDERS
ARE EACH ADVISED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND
ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN
IMPORTANT INFORMATION.
The joint proxy statement/prospectus and other relevant
materials filed with the SEC may be obtained free of charge at the
SEC's website (www.sec.gov). Copies of the documents filed with the
SEC by Cape will be available free of charge on Cape's website at
http://www.capebanknj.com, or by contacting Guy Hackney, Executive
Vice President & Chief Financial Officer by telephone at (609)
465-5600. Copies of the documents filed with the SEC by Colonial
will be available free of charge on Colonial's website at
http://www.colonialbankfsb.com, or by contacting Edward J. Geletka,
President & Chief Executive Officer, by telephone at (856)
205-0058.
The respective directors and executive officers of Cape Bancorp,
Inc. and Colonial Financial Services, Inc. and other persons may be
deemed to be participants in the solicitation of proxies from
Colonial and Cape shareholders with respect to the proposed merger.
Information regarding the directors and executive officers of Cape
is available in its proxy statement filed with the SEC on March 24,
2014. Information regarding directors and executive officers of
Colonial is available in its proxy statement filed with the SEC on
April 16, 2014. Other information regarding the participants in the
solicitation and a description of their direct and indirect
interests, by security holdings or otherwise, is contained in the
joint proxy statement/prospectus and other relevant materials filed
with the SEC as part of Cape Bancorp, Inc.'s registration statement
on Form S-4.
This press release does not constitute an offer of any
securities for sale. The shares of common stock of Cape Bancorp,
Inc. are not savings or deposit accounts and are not insured by the
Federal Deposit Insurance Corporation or any other government
agency.
About Cape Bancorp, Inc.
Cape Bancorp, Inc. with total assets of $1.1 billion at
September 30, 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, 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 Cape's and Colonial's current expectations
regarding their respective 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 Cape and Colonial'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,
Cape'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 Cape'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 Cape's and Colonial's respective 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 Cape or Colonial or on Cape's or
Colonial's behalf. Cape and Colonial assume no obligation to update
any forward-looking statements.
CONTACT: Cape Bancorp, Inc.
Michael D. Devlin
President and Chief Executive Officer
(609) 465-5600
Colonial Financial Services, Inc.
Edward J. Geletka
President and Chief Executive Officer
(856) 205-0058
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