COURT HOUSE — A local bank that’s been serving Cape May County for 80 years recently held its annual stockholders meeting and took care of some housekeeping measures.
Cape Bancorp, Inc., the holding company for Cape Bank, held the Company’s annual meeting on Aug. 25 at 3 p.m. at its conference center at 211 North Main Street.
At the annual meeting Louis Griesbach, Jr., Herbert L. Hornsby, Jr., Joanne D. Kay and Agostino R. Fabietti were elected to the Board of Directors, each for a three-year term.
Hornsby is also the company’s President and CEO.
According to a company press release, Cape Bancorp’s stockholders also approved the Cape Bancorp, Inc. 2008 Equity Incentive Plan and ratified the appointment of Crowe Chizek and Company LLC as its independent registered public accounting firm for the year ended December 31, 2008.
Cape Bancorp, Inc. is the holding company for Cape Bank, Cape May Court House, New Jersey. At June 30, 2008, Cape Bancorp, Inc. had total assets of $1.159 billion. Cape Bank operates 18 branches in Atlantic and Cape May Counties.
In July, the company announced its operating results for the quarter ending on June 30. Cape Bancorp reported net income of $1.3 million, or 11 cents per share for the quarter.
For the previous quarter ending on March 31, the company reported a net loss of $2.2 million, or 22 cents per share.
Recent results include the conversion costs associated with the recent acquisition of another local bank.
Cape Savings Bank changed its name earlier this year when it acquired Boardwalk Bancorp, Inc., of Linwood. At that time, the company made an initial public offering of its new stocks on the Nasdaq Market. The company sold 7,820,000 shares at $10 a share.
As of 10 a.m. on Sept. 9, Cape Bank stock was selling for $9.50 a share.
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