FOR IMMEDIATE RELEASE
September 1, 2015
David J. Hanrahan
Capital Bank Announces Stock Repurchase Offer
Capital Bank of New Jersey announced today a stock repurchase offer for up to 2.6% of its outstanding shares.
In a mailing sent to its stockholders today, privately-held Capital Bank has offered to purchase up to 66,000 shares of its own stock, at a purchase price of $15.15 per share, totaling up to $999,900. The $15.15 per share price represented a premium over its June 30, 2015 book value. As of June 30, Capital Bank had 2,504,252 shares outstanding.
The offer is set to expire no later than December 18, 2015, but shares tendered will be purchased on a “first come, first served” basis.
Commenting on the repurchase offer, Capital Bank Chairman of the Board Dominic J. Romano said “We believe this offer will enhance future shareholder value while also creating a liquidity option for our stockholders.”
President David J. Hanrahan added, “Even assuming that the maximum of 66,000 shares are tendered, Capital Bank will remain well-capitalized under all applicable banking regulations.”
Capital Bank stockholders who are considering tendering their shares must first review the Offer to Purchase for Cash mailed to them on September 1. Questions about the offer should be directed to David J. Hanrahan at 856-457-6360 or Capital Bank’s transfer agent, Philadelphia Stock Transfer Inc. at 484-416-3124.
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 (www.BauerFinancial.com) and was named in the 2015 Top 15 Percent of Community Banks by Seifried & Brew. For more information about Capital Bank, please visit www.capitalbanknj.com.