CAPE BANCORP, INC. ANNOUNCES DELAY IN EARNINGS REPORT

Cape May Court House,  New Jersey,  January 26, 2009 Cape Bancorp,  Inc.  ("Cape
Bancorp") (NASDAQ:  "CBNJ"),  the parent company of Cape Bank, announced that it
is delaying the earnings release originally  scheduled for January 27, 2009. The
delay is due to the process of  re-valuing  the goodwill that was created in the
merger with  Boardwalk  Bank.  The firm had booked $54.2  million in goodwill in
February  2008 and it  anticipates a material  impairment  due to the decline in
economic conditions throughout the past year.

The company  further  announced that it had taken a provision of $6.8 million in
additional  loan loss reserves in the fourth  quarter of 2008.  The provision in
the third quarter was $1.3 million.  Non-performing loans at year end were $25.6
million,  an increase  from $22.3 at  September  30.  Generally  the increase in
provisions   related  to  an   increase   in   specific   reserves  on  existing
non-performing  loans. With the addition,  the Bank's loan loss reserve ratio is
2.09% of outstanding loans, an increase from 1.26% at September 30, 2008.

For  further  information  contact  Michael  D.  Devlin  or Guy  Hackney:  (609)
465-5600.

This  press  release  discusses  primarily  historical  information.  Statements
included in this  release,  to the extent they are  forward  looking,  involve a
number  of  risks  and  uncertainties  such  as  competitive  factors,  economic
conditions and regulatory changes in the banking industry.  Further  information
on factors that could affect Cape  Bancorp's  financial  results can be found in
the Cape  Bancorp's  Form 10-K for the year ended  December 31, 2007,  which was
filed by Cape Bancorp with the Securities  and Exchange  Commission on March 31,
2008.