Boardwalk Bancorp, Inc. Announces Shareholder Approval of Merger Agreement With Cape Bancorp
January 07 2008 - 3:47PM
Marketwired
LINWOOD, NJ ("Boardwalk") announced today that, at a special
meeting of shareholders held on January 4, 2008, its shareholders
approved the 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. On January 4,
2008, the depositors of Cape Savings Bank also approved the plan of
conversion of Cape Savings Bank from mutual to stock form of
organization.
Cape Bancorp, Inc. has also announced that the community portion
of its offering has been completed and that the syndicated
community offering portion of the offering will commence on or
about January 9, 2008. Cape Bancorp reported that it received
orders in the subscription and community offerings for
approximately $27.5 million of common stock, excluding shares to be
purchased by Cape's employee stock ownership plan.
Completion of the transaction is subject to a number of
conditions, including the successful completion of 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
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)
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