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CBNJ > SEC Filings for CBNJ > Form 8-K on 19-Dec-2013All Recent SEC Filings

Show all filings for CAPE BANCORP, INC.



Other Events, Financial Statements and Exhibits

Item 8.01 Other Events.

On December 18, 2013, Cape Bancorp, Inc. ("Cape Bancorp") sold that portion of its portfolio of bank and insurance trust preferred collateralized debt obligation ("CDO") securities that had a cost basis greater than zero. Cape Bancorp believes that all of its CDO securities will be considered disallowed investments under the final rule implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly referred to as the "Volcker Rule". The final rule requires banking entities to divest disallowed securities by July 21, 2015, unless, upon application, the Federal Reserve grants extensions to July 21, 2017. In connection with the foregoing, as of December 18, 2013, Cape Bancorp sold the eleven CDO securities in its portfolio with a cost basis of approximately $8.3 million, at a loss of approximately $850,000 ($531,800 on an after tax basis). Cape Bancorp retains approximately eleven CDO securities in its portfolio, which it has fully written down. Tangible equity will improve by approximately $1.0 million, representing the increase in value net of tax realized on the sale compared to the previous unrealized loss recorded in Accumulated Other Comprehensive Loss. Cape Bank remains a well-capitalized institution.

Item 9.01. Financial Statements and Exhibits

(a) Financial statements of businesses acquired. None.

(b) Pro forma financial information. None.

(c) Shell company transactions: None.

(d) Exhibits: None

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