Cape Bancorp Completes 667K Share Repurchase
Cape Bancorp, Inc. (NASDAQ: CBNJ), the parent company of Cape Bank, announced that the Company has completed its first repurchase program. The Company repurchased 667,239 shares of its common stock at an average price of $9.35 per share. The Company’s Board of Directors regularly reviews capital management options, including stock repurchase programs, and any future decision to adopt one or more additional stock repurchase programs would be subject to general market conditions, the trading price of the stock, alternative uses for capital, regulatory considerations and the Company’s financial performance.
On July 15, 2013, the Board of Directors of the Company declared a cash dividend on the Company's common stock of $0.05 per share. The dividend will be payable to stockholders of record as of July 29, 2013 and is expected to be paid on August 12, 2013.
Cape Bancorp, Inc., with total assets of $1.03 billion at March 31, 2013, is the parent company of Cape Bank, a New Jersey chartered savings bank which operates fifteen offices serving individuals and small to mid-sized businesses in Atlantic and Cape May Counties, New Jersey. Cape Bank is a member of the FDIC and an Equal Housing Lender.