Cape Bank to Purchase Hammonton Branch from Sun National Bank

On Mar 31, 2015

Cape Bancorp, Inc., the holding company for Cape Bank, today announced that Cape Bank has entered into a definitive agreement with Sun National Bank (Sun) to acquire Sun’s branch location in Hammonton. The purchase includes approximately $34.1 million of deposits and approximately $4.9 million of loans. Subject to the receipt of regulatory approvals and the satisfaction of customary closing conditions, the branch purchase is expected to be completed in July of 2015.

“Cape Bank is excited to expand our franchise into Hammonton, New Jersey, an area in which our company is very familiar. We look forward to welcoming new customers to Cape Bank and providing them with full service banking and excellent customer service,” said Michael D. Devlin, president and CEO of Cape.

Sterne, Agee & Leach, Inc. is serving as financial advisor and Luse Gorman, PC is serving as legal counsel to Cape on the transaction. Sandler O’Neill & Partners, L.P. is serving as financial advisor and Wachtell, Lipton, Rosen & Katz is serving as legal counsel to Sun on the transaction.

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