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Press Release

July 31, 2017

Capital Bank Contact:
David J. Hanrahan

Capital Bank Announces Special Dividend; Reports Record Mid-Year Income

Vineland, NJ (7/31/2017) – Capital Bank of New Jersey, the South Jersey community bank owned by hundreds of local stockholders, has declared a special cash dividend to its stockholders. On August 31, 2017, a dividend of 17.5 cents per share will be paid to stockholders of record on August 21.

Dominic J. Romano, Chairman of the Board, commented, “The Board is pleased to pay this special dividend to stockholders on the occasion of Capital Bank’s tenth anniversary and in view of our exceptionally good operating results so far this year. Capital Bank would not have been founded 10 years ago without the confidence of our stockholders. We are glad to pay this special dividend to them as a result of the bank’s success, and out of gratitude for our stockholders’ support.”

The bank also announced that for the six months ended June 30, 2017, it reported a net income of $2,695,000, a mid-year record for Capital Bank and an increase of $660,000 (32%) over its earnings in the first six months of 2016. It also reported total assets of $465 million at June 30, 2017.

David J. Hanrahan, President and CEO, said “The Board, management and staff of Capital Bank are very proud of our numbers so far this year. Our core operating results continue to be excellent, and our profit in the first half of 2017 was also boosted by some favorable items, including the sale of an SBA loan, tax credits from a Vineland Low Income Housing Tax Credit project we sponsored, and some securities gains. In addition, we were able to expense less provision for loan losses so far this year compared to last due to our successful collection efforts and strong asset quality. Importantly, Capital Bank’s loans and deposits have continued to grow, driven by the high-quality, friendly experience our employees deliver to customers.”

Capital Bank opened for business in Vineland in 2007. Today it has four locations – two in Vineland, one in Woodbury Heights, and one in Hammonton. In August, it will open its first Loan Production Office, in Marlton. The bank is 5-Star rated by BauerFinancial BauerFinancial. ) and was recently, for the third consecutive year, named in the American Banker Top 200 Community Banks in the United States.  In addition to Romano and Hanrahan, Capital Bank’s Directors include John J. DiDonato, Harry E. Hearing, Daniel R. Kuhar, Patricia Pilone, Salvatore A. Pipitone and George H. Stanger, Jr. For more information about Capital Bank, please visit www.capitalbanknj.com.


The Bank may from time to time make written or oral “forward-looking statements”, including statements contained in this release. Such statements are not historical facts and include expressions about management's confidence and strategies and management's current views and expectations about new and existing programs and products, relationships, opportunities, taxation, technology and market conditions. Actual results may differ materially from such forward-looking statements, and no undue reliance should be placed on any forward-looking statement. Factors that may cause results to differ materially from such forward-looking statements include, but are not limited to, unanticipated changes in the financial markets and the direction of interest rates; volatility in earnings due to certain financial assets and liabilities held at fair value; stronger competition; insufficient allowance for credit losses; a higher level of net loan charge-offs and delinquencies than anticipated; material adverse changes in the Bank’s operations or earnings; a decline in the economy in our primary market areas; changes in relationships with major customers; changes in effective income tax rates; higher or lower cash flow levels than anticipated; inability to hire or retain qualified employees; a decline in the levels of deposits or loss of alternate funding sources; a decrease in loan origination volume; changes in laws and regulations, including issues related to compliance with anti-money laundering and the bank secrecy act laws; adoption, interpretation and implementation of new or current financial or regulatory  accounting pronouncements; operational risks, including our ability to fund the loans in our pipeline; the risk of fraud by employees and customers; the inability to successfully implement new lines of business or new products and services; and other factors, many of which are beyond the Bank's control. The words “may”, “could”, “should”, “would”, “believe”, “anticipate”, “continue”, “estimate”, “expect”, “intend”, “plan”, “will”, “project”, “take” and similar expressions are intended to identify forward-looking statements. All such statements are made in good faith by the Bank pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Bank does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Bank.