Cape Bank

Cape Bank lending office in Cape May Court House

Cape Bancorp Inc., the parent company of Cape Bank, received stockholder approval to merge with Toms River-based OceanFirst Financial Corp., the companies said in a statement Tuesday.

The institutions expect the merger, which was announced Jan. 5, to close May 2.

The banks estimate they will have combined assets of $4.2 billion, loans of $3.2 billion and deposits of $3.2 billion.

The company is expected to have 50 branches across seven New Jersey counties, including Atlantic, Cape May, Ocean and Cumberland counties.

“We are pleased to announce all of the necessary approvals to complete the merger with Cape have been received, including the overwhelming support of the stockholders of both companies,” OceanFirst President and CEO Christopher Maher said in a statement..

Cape May Court House-headquartered Cape Bank owns 22 banking centers and five loan offices throughout Cape May, Atlantic, Cumberland and Gloucester County, including two loan offices in the Philadelphia area.

In September, Cape Bank valued its assets at almost $1.6 billion, up from $1.08 billion at the end of 2014.

That increase came amid a major footprint expansion for Cape Bank.

Cape Bank bought seven branches in September 2014 from the former Colonial Bank of Vineland and another branch in Hammonton from Sun Bank in September, growing the network of branches by 50 percent.

OceanFirst has branches in Barnegat, Lacey, Ocean, Stafford and Little Egg Harbor townships, all in southern Ocean County.

Contact: 609-272-7258

Stay informed! Sign up to receive top headlines delivered to your inbox each morning.

Reporter/ Business Writer

I’ve written for multiple publications including Levittown Now, Passyunk Post, Philadelphia Neighborhoods,Temple News and JUMP Magazine. I’ve covered arts, entertainment, business, music, sports and local government. Experienced in videography.

Recommended for you

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.