FOR IMMEDIATE RELEASE
October 28, 2015
David J. Hanrahan
Capital Bank Reports Results through September 30;
Completes Stock Repurchase
Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, has announced its results through the third quarter. The bank reported a net income of $2,956,000 for the nine months ended September 30, 2015, a 11.5% increase over the same period in 2014. Capital Bank also reported that its total assets at September 30, 2015 were $369 million.
David J. Hanrahan, President and CEO, commented, “We are very pleased with our results so far this year. Loan growth in 2015 continues to be excellent, up 14% between September 30, 2014 and September 30, 2015. Our niche as a locally-owned commercial bank making fast and flexible loan decisions continues to attract new customers.”
On October 2 Capital Bank completed its previously-announced 2015 Stock Repurchase Program. Under that initiative the bank repurchased 66,000 shares of its own stock at a price of $15.15 per share, for a total repurchase amount of approximately $1 million.
Dominic J. Romano, Chairman of the Board, said, “We are very pleased to have successfully concluded our first-ever Stock Repurchase Program. Our goals for the program were to enhance future periods’ earning per share and to provide a liquidity option to our stockholders. We believe we accomplished both.”
Capital Bank opened in Vineland in 2007. Today it has four locations – two in Vineland, one in Woodbury Heights, and one in Hammonton. Capital Bank lends money to businesses and individuals throughout South Jersey, is an Approved SBA Lender and a NJEDA Premier Lender. It is also 5-Star rated by BauerFinancial and was named in the 2015 Top 15 Percent of Community Banks by Seifried & Brew.