FOR IMMEDIATE RELEASE
April 29, 2016
Capital Bank Announces $2 Million Stock Repurchase Program;
Reports First Quarter Earnings
Vineland, NJ (4/29/2016) – Capital Bank of New Jersey announced at its April 28 Annual Meeting a stock repurchase offer for up to 5% of its outstanding shares.
In a mailing sent to its stockholders, privately-held Capital Bank has offered to purchase up to 125,000 shares of its own stock, at a purchase price of $16.00 per share, totaling up to $2 million. The $16.00 per share price represents a premium over its March 31, 2016 book value.
The offer is set to expire no later than December 16, 2016, 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, just like the one we successfully conducted last year, will enhance future shareholder value plus create a liquidity option for our stockholders.”
This repurchase offer is the second conducted by Capital Bank. On September 1, 2015 the bank announced a $1 million repurchase of up to 66,000 shares at $15.15 per share. That offer was fully subscribed within five weeks.
Capital Bank stockholders who consider tendering their shares must first review the Offer to Purchase for Cash mailed to them on April 28. 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.
The bank also announced at its Annual Meeting that it had earnings of $1,060,000 for the three months ended March 31, 2016, an increase of $111,000 (11.7%) compared to the first quarter of 2015. It reported total assets of $386 million at March 31, 2016.
David J. Hanrahan, President of Capital Bank, said “Our continued growth and success points to the value of our niche. I’m as bullish as ever on the prospects of community banks like ours – those that are well-run, locally-managed and which are skilled commercial lenders.”
At its Annual Meeting all nine of Capital Bank’s nominated directors were re-elected by its stockholders. In addition to Romano and Hanrahan, the bank’s directors are John J. DiDonato, William J. Hallissey, Harry E. Hearing, Daniel R. Kuhar, Patricia Pilone, Salvatore A. Pipitone, and George H. Stanger, Jr.
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.