Jersey Shore Business Journal

March 05, 2008

Cape Savings acquires Boardwalk Bank

CAPE MAY COURT HOUSE – Cape Savings Bank’s recent acquisition of Boardwalk Bank has spawned a newly formed company whose branches and loan offices will operate under the name Cape Bank. This deal makes Cape Bank the largest community bank in Atlantic and Cape May counties.
Cape Bank offers 20 banking and loan offices, stretching west from Vineland, south to Cape May, and north to Galloway Township, with administrative headquarters in Cape May Court House.
“The acquisition of Boardwalk Bank is a huge step forward,” said Herbert L. Hornsby Jr., president and CEO of Cape Bank. “They are a perfect complement for us as we continue to develop the premier community bank in southeastern New Jersey. We look forward to integrating Boardwalk Bank’s outstanding sales and service delivery with our own.”
“The two banks operate with similar philosophies and strategies, including an unwavering commitment to personalized customer service,” said Michael Devlin, the former president of Boardwalk Bank and now executive vice president and COO of Cape Bank. “This acquisition will enable Cape Bank to provide our customers with an expanded array of products and services, as well as superior industry expertise to better serve our clients.”
“This acquisition comes at an opportune time,” Hornsby added. “There is great opportunity here for business and residential growth in Atlantic and Cape May counties. We believe the new Cape Bank is ideally positioned to support that growth.”