Boardwalk Bancorp, Inc. Announces Closing Date of Merger With Cape Bancorp
January 30 2008 - 5:48PM
Marketwired
LINWOOD, NJ ("Boardwalk") announced today that the syndicated
portion of the community offering of Cape Bancorp, Inc. has been
completed and that Boardwalk's merger with Cape Bancorp is expected
to close on January 31, 2008.
Based on the total elections made by Boardwalk shareholders,
upon completion of the merger, shareholders who properly elected to
receive Cape Bancorp common stock in the merger will receive 2.3
shares of Cape Bancorp common stock for each share of Boardwalk
common stock and Boardwalk shareholders who properly elected to
receive cash in the merger will receive $23.00 in cash for each
share of Boardwalk common stock. Boardwalk shareholders holding
approximately 350,000 shares that did not make proper elections or
did not participate in the election will receive a combination of
Cape Bancorp common stock and cash in accordance with the proration
provisions in the merger agreement requiring that 50% of the total
merger consideration consist of Cape Bancorp common stock and 50%
consist of cash. Cash will be paid in lieu of fractional shares at
a rate of $10.00 per share.
Boardwalk expects that, upon completion of the merger, the
merger consideration will be mailed to shareholders on or about
February 7, 2008.
Upon completion of the merger and the conversion, the shares of
Cape Bancorp's common stock are expected to commence trading on the
Nasdaq Global Select Market on February 1, 2008 under the trading
symbol "CBNJ."
Janney Montgomery Scott LLC served as financial advisor and
Stevens & Lee P.C. served as legal counsel to Boardwalk Bancorp
and Boardwalk Bank regarding the merger.
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 December 31, 2007, Boardwalk
Bancorp had total assets of $450.4 million, total loans of $314.6
million and shareholders' equity of $47.9 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
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
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