Cape Bancorp to appoint Patriot Financial representative to board

By Lisa Kerner

Charlotte, N.C., Feb. 10 - Cape Bancorp, Inc. agreed to appoint Patriot Financial Partners, LP affiliate James J. Lynch to its board of directors to a term ending at the company's 2011 annual meeting under a Feb. 10 agreement between Cape Bancorp and Patriot.

Lynch will also be appointed to the board of Cape Bank, Cape Bancorp's subsidiary, for a term ending at the bank's 2009 annual meeting of the sole stockholder.

Cape Bank will then elect Lynch to a term ending at its 2011 annual meeting, according to a schedule 13D/A filed with the Securities and Exchange Commission.

The agreement calls for Cape Bancorp to nominate Lynch to the board and to recommend his election to shareholders as long as Patriot beneficially owns at least 4.9% of the company's outstanding common stock.

Lynch and Patriot agreed to not acquire, or offer to acquire, the beneficial ownership of 19.9% or more of any class of voting securities of the company. The investors also agreed not to solicit proxies with respect to any matter not recommended or approved by Cape Bancorp's board.

Patriot and Lynch will also vote their shares in favor of the board's nominees, the filing said.

The agreement remains in effect until the later of the completion of the 2011 annual meeting of Cape Bancorp stockholders or the date Lynch is no longer a member of the boards of Cape Bancorp and Cape Bank.

Patriot Financial beneficially owns 876,205 shares, or 6.6%, of the Cape May Court House, N.J., bank holding company.

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