COURT HOUSE — Cape Bancorp, Inc. the parent of Cape Bank, announced on Tuesday, Jan. 27 that Herbert L. Hornsby Jr. will step down as president and chief executive officer of the company and the bank, effective immediately.
Hornsby will be succeeded by Michael D. Devlin as president and chief executive officer of Bancorp and the bank.
Devlin has served as the chief operating officer of the bank since the merger of Boardwalk Bank into Cape Bank in January 2008.
Bancorp and the bank also announced that Robert J. Boyer has been promoted to executive vice president and chief operating officer, and that Guy Hackney, who was previously senior vice president of Accounting and Finance, will succeed Boyer as chief financial officer of the company and the bank.
Hornsby oversaw the transition of Cape Savings Bank from a mutual to stock organization and the simultaneous acquisition of Boardwalk Bank in January 2008.
The acquisition created the largest bank headquartered in Cape May and Atlantic counties, which includes 18 branches and approximately $1.1 billion in assets.
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