REPORT: CAPE BANK, COLONIAL BANK ANNOUNCE MERGER

A big merger involving a bank with a presence in Cape May County.  NJBiz.com reports that Cape Bank and Colonial Bank have announced a merger that results in all Colonial Bank branches becoming Cape Bank branches.  The merger is a $55 million and results in $1.6 billion in assets.  Cape Bank CEO Michael Devlin says the transaction will double the size of Cape Bank throughout southern New Jersey.