SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 11-K
ANNUAL REPORT
PURSUANT TO SECTION 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
[x] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934 [NO FEE REQUIRED, EFFECTIVE OCTOBER 7, 1996].
For the fiscal year ended December 31, 2008
-----------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934 [NO FEE REQUIRED].
For the transition period from _______________ to _______________
Commission File Number 001-33934
---------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Cape Savings Bank Employees' Savings & Profit Sharing Plan and Trust
B: Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Cape Bancorp, Inc.
225 North Main Street
Cape May Court House, New Jersey 08210
CAPE SAVINGS BANK
EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
FINANCIAL STATEMENTS
December 31, 2008 and 2007
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
Cape May Court House, New Jersey
FINANCIAL STATEMENTS
December 31, 2008 and 2007
CONTENTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM..................... 1
FINANCIAL STATEMENTS
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS........................ 2
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS............. 3
NOTES TO FINANCIAL STATEMENTS.......................................... 4
SUPPLEMENTAL SCHEDULES
SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT
PARTICIPANT CONTRIBUTIONS- 2008...................................... 11
SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT
PARTICIPANT CONTRIBUTIONS-2007....................................... 12
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)- 2008... 13
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)- 2007... 15
[Letterhead of Crowe Horwath LLP]
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Compensation Committee
Cape Savings Bank Employees' Savings & Profit Sharing Plan and Trust
Cape May Court House, New Jersey
We have audited the accompanying statements of net assets available for benefits
of Cape Savings Bank Employees' Savings & Profit Sharing Plan and Trust (the
Plan) as of December 31, 2008 and 2007, and the related statements of changes in
net assets available for benefits for the year ended December 31, 2008 and for
the period from November 1, 2007 through December 31, 2007. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets available for benefits of the Plan as of
December 31, 2008 and 2007, and the changes in net assets available for benefits
for the year ended December 31, 2008 and for the period from November 1, 2007
through December 31, 2007 in conformity with U.S. generally accepted accounting
principles.
Our audits were conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of assets
(held at end of year) are presented for the purpose of additional analysis and
are not a required part of the basic financial statements but are supplementary
information required by the Department of Labor's Rules and Regulations for
Reporting and Disclosure under the Employee Retirement Income Security Act of
1974. The supplemental schedules are the responsibility of the Plan's
management. The supplemental schedules have been subjected to the auditing
procedures applied in the audits of the basic financial statements and, in our
opinion, are fairly stated in all material respects in relation to the basic
financial statements taken as a whole.
/s/ Crowe Horwath LLP
Crowe Horwath LLP
Oak Brook, Illinois
August 5, 2009
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1.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
2008 2007
---- ----
ASSETS
Investments, at fair value (Note 4) $ 7,488,163 $ 6,836,979
Receivables
Accrued Income 2,362 4,126
-------------- ---------------
2,362 4,126
-------------- ---------------
Total assets 7,490,525 6,841,105
-------------- ---------------
LIABILITIES
Accrued expenses 475 407
-------------- ---------------
Total liabilities 475 407
-------------- ---------------
Net assets, reflecting all investments at fair value 7,490,050 6,840,698
Adjustment from fair value to contract value
for fully benefit-responsive investment contracts 13,483 37,350
-------------- ---------------
NET ASSETS AVAILABLE FOR BENEFITS $ 7,503,533 $ 6,878,048
============== ===============
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
2.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
Year ended December 31, 2008 and period November 1, 2007
through December 31, 2007
- --------------------------------------------------------------------------------
2008 2007
---- ----
Additions to net assets attributed to:
Interest and dividends $ 44,624 $ 11,781
-------------- ---------------
44,624 11,781
Contributions
Employers' 322,924 64,671
Participants' 704,401 99,453
-------------- ---------------
1,027,325 164,124
-------------- ---------------
Total additions 1,071,949 175,905
Deductions from net assets attributed to:
Net depreciation in fair value of investments (Note 4) 1,393,781 21,127
Benefits paid to participants 664,527 1,200
Administrative expenses 46,037 6,343
-------------- ---------------
Total deductions 2,104,345 28,670
-------------- ---------------
Net increase (decrease) before transfers (1,032,396) 147,235
Transfers in - Plan Merger (Note 1) 1,657,881 6,730,813
-------------- ---------------
Net Increase 625,485 6,878,048
Net assets available for benefits
Beginning of period 6,878,048 -
-------------- ---------------
End of period $ 7,503,533 $ 6,878,048
============== ===============
- --------------------------------------------------------------------------------
See accompanying notes to financial statements.
3.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN
The following description of Cape Savings Bank Employees Savings & Profit
Sharing Plan and Trust ("Plan") provides only general information. Participants
should refer to the Plan agreement for a more complete description of the plan's
provisions.
General: The plan is a deferred contribution plan covering all full-time
employees of Cape Savings Bank ("Bank") who have completed three months of
service and are age twenty one or older. Participants are eligible to receive
employer contributions upon completion of one year of service. The plan is
subject to the provisions of the Employee Retirement Income Security Act of 1974
(ERISA). On November 1, 2007 the Bank established this Plan as a new single
employer plan and participant balances from a multiple employer plan totaling
$6,730,813 were transferred into the Plan to allow for the offering of Cape
Bancorp common stock as a Plan investment option effective January 31, 2008 (the
completion date of Cape Bancorp initial public offering). The Bank is a
wholly-owned subsidiary of Cape Bancorp.
Contributions: Each year, participants may contribute up to 30 percent of pretax
annual compensation, as defined in the Plan and subject to certain limitations.
Participants who have attained age 50 by the close of the Plan year are also
eligible to make catch-up contributions under Code Section 414(v). Participants
may also contribute amounts representing distributions from other qualified
defined benefit or defined contribution plans. The Bank contributed 100% of the
first 3% and 50% of the next 2% of eligible compensation that participants
contributed to the Plan in 2008. The Bank contributed 100% of the first 6% of
eligible compensation that participants contributed to the Plan in 2007.
Additional profit sharing amounts may be contributed at the option of the Bank's
board of directors. Contributions are subject to certain limitations. Plan
participants direct the investment of their contributions and the employer
contributions into the various investment options offered by the Plan.
Participant Accounts: Each participant's account is credited with the
participant's contributions and an allocation of (a) the Bank's contributions,
b) Plan earnings, and c) forfeitures of employer profit sharing contributions,
and is charged with his or her withdrawals. Allocations are based on participant
earnings or account balances, as defined. The benefit to which a participant is
entitled is the benefit that can be provided from the participant's vested
account. Each participant directs the investment of his or her account to any of
the investment options available under the Plan.
Retirement, Death and Disability: A participant is entitled to 100% of his or
her account balance upon retirement, death or disability.
- --------------------------------------------------------------------------------
(Continued)
4.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 1 - DESCRIPTION OF PLAN (Continued)
Vesting: Participants are immediately 100% vested in their contributions plus
actual earnings, plus all employer Safe Harbor matching contributions thereon.
Payment of Benefits: On termination of service due to death, disability,
retirement, or other termination of employment, a participant may elect to
receive a lump-sum amount, installment payments or distributions in kind of Bank
stock equal to the value of the participant's vested interest in his or her
account.
Loan Provisions: Participants may borrow from their accounts a minimum of $1,000
up to a maximum of $50,000 or 50% of their vested account balance, whichever is
less. Loan transactions are treated as a transfer to (from) the investment
account from (to) the Participant Loan account. The loans are secured by the
balance in the participant's account and bear interest at rates that are
commensurate with local prevailing rates as determined monthly by the Plan
administrator. Principal and interest are paid through payroll deductions.
Plan Merger: Effective January 31, 2008 Boardwalk Bancorp, Inc. Profit Sharing
Plan (Profit Sharing Plan) was merged into the Plan, pursuant to the Bank's
acquisition of Boardwalk Bancorp Inc. on January 31, 2008. The transfer of the
$1,657,881 in net assets of the Profit Sharing Plan into the Plan was completed
on June 4, 2008.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting: The financial statements of the Plan are prepared under the
accrual basis of accounting.
Adoption of New Accounting Standards: In September 2006, the FASB issued
Statement No. 157, Fair Value Measurements (FAS 157). This Statement defines
fair value, establishes a framework for measuring fair value, and expands
disclosures about fair value measurements. This Standard is effective for
financial statements issued for fiscal years beginning after November 15, 2007.
In October 2008, the FASB issued Staff Position (FSP) 157-3, Determining the
Fair Value of a Financial Asset when the Market for That Asset Is Not Active.
This FSP clarifies the application of FAS 157 in a market that is not active.
The impact of adoption of these standards as of January 1, 2008 was not material
to the Plan's net assets available for benefits.
- --------------------------------------------------------------------------------
(Continued)
5.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Effect of Newly Issued But Not Yet Effective Accounting Standards: In April
2009, the FASB issued Staff Position (FSP) No. 157-4, Determining Fair Value
When the Volume and Level of Activity for the Asset and Liability Have
Significantly Decreased and Identifying Transactions That are Not Orderly. This
FSP emphasizes that even if there has been a significant decrease in the volume
and level of activity, the objective of a fair value measurement remains the
same. Fair value is the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction (that is, not a forced
liquidation or distressed sale) between market participants. The FSP provides a
number of factors to consider when evaluating whether there has been a
significant decrease in the volume and level of activity for an asset or
liability in relation to normal market activity. In addition, when transactions
or quoted prices are not considered orderly, adjustments to those prices based
on the weight of available information may be needed to determine the
appropriate fair value. The FSP also requires increased disclosures. This FSP is
effective for annual reporting periods ending after June 15, 2009, and shall be
applied prospectively. Plan management does not expect the adoption to have a
material effect on the Plan's net assets available for benefits or changes
therein.
Investment Valuation and Income Recognition: The Plan's investments are reported
at fair value. Purchases and sales of securities are recorded on a trade-date
basis. Interest income is recorded on the accrual basis. Dividends are recorded
on the ex-dividend date.
FAS 157 defines fair value as the price that would be received by the Plan for
an asset or paid by the Plan to transfer a liability (an exit price) in an
orderly transaction between market participants on the measurement date in the
Plan's principal or most advantageous market for the asset or liability. FAS 157
establishes a fair value hierarchy which requires the Plan to maximize the use
of observable inputs and minimize the use of unobservable inputs when measuring
fair value. The hierarchy places the highest priority on unadjusted quoted
market prices in active markets for identical assets or liabilities (level 1
measurements) and gives the lowest priority to unobservable inputs (level 3
measurements). The three levels of inputs within the fair value hierarchy are
defined as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in
active markets that the Plan has the ability to access as of the
measurement date.
Level 2: Significant other observable inputs other than level 1 prices such
as quoted prices for similar assets or liabilities; quoted prices in
markets that are not active; or other inputs that are observable or can be
corroborated by observable market data.
Level 3: Significant unobservable inputs that reflect the Plan's own
assumptions about the assumptions that market participants would use in
pricing an asset or liability.
- --------------------------------------------------------------------------------
(Continued)
6.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
In some cases, a valuation technique used to measure fair value may include
inputs from multiple levels of the fair value hierarchy. The lowest level of
significant input determines the placement of the entire fair value measurement
in the hierarchy.
The following descriptions of the valuation methods and assumptions used by the
Plan to estimate the fair values of investments apply to investments held
directly by the Plan.
Bank common stock: Investments in Bank common stock are stated at fair value as
determined by quoted market prices (level 1 inputs).
Common collective trusts: The fair values of participation units held in common
collective trusts are based on their net asset values, as reported by the
managers as supported by the unit prices of actual purchase and sale
transactions occurring as of or close to the financial statement date. The fair
values of interests in stable value funds are based upon the net asset values of
such funds reflecting all investments at fair value, including direct and
indirect interests in fully benefit-responsive contracts, as reported by the
fund managers. The fair values of common collective trusts are classified within
level 2 of the fair value hierarchy.
Participant loans: Participant loans are reported at amortized cost, as the fair
value of the loans is not practicable to estimate due to restrictions placed on
the transferability of the loans.
The methods described above may produce a fair value calculation that may not be
indicative of net realizable value or reflective of future fair values.
Furthermore, while the Plan believes its valuation methods are appropriate and
consistent with other market participants, the use of different methodologies or
assumptions to determine the fair value of certain financial instruments could
result in a different fair value measurement at the reporting date.
Investments measured at fair value on a recurring basis are summarized below:
Fair Value Measurements
at December 31, 2008 Using
-------------------------------------------------
Quoted Prices in Significant
Active Markets Other Significant
for Identical Observable Unobservable
Assets Inputs Inputs
(Level 1) (Level 2) (Level 3)
--------- --------- ---------
Investments (other than participant loans) $ 1,331,887 $ 5,892,063 $ -
- --------------------------------------------------------------------------------
(Continued)
7.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Fully Benefit-Responsive Investment Contracts: While Plan investments are
presented at fair value in the statement of net assets available for benefits,
any material difference between the fair value of the Plan's indirect interests
in fully benefit-responsive investment contracts and their contract value is
presented as an adjustment line in the statement of net assets available for
benefits, because contract value is the relevant measurement attribute for that
portion of the Plan's net assets available for benefits. Contract value
represents contributions made to a contract, plus earnings, less participant
withdrawals and administrative expenses. Participants in fully
benefit-responsive contracts may ordinarily direct the withdrawal or transfer of
all or a portion of their investment at contract value. The Plan holds an
indirect interest in such contracts through its investment in a stable value
fund.
Payment of Benefits: Benefits are recorded when paid.
Estimates: The preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America requires the plan
administrator to make estimates and assumptions that affect certain reported
amounts and disclosures, and actual results may differ from these estimates.
Risks and Uncertainties: The Plan holds various investment securities.
Investment securities are exposed to various risks such as interest rate,
market, liquidity and credit risks. Due to the level of risk associated with
certain investment securities and the sensitivity of certain fair value
estimates to changes in valuation assumptions, it is at least reasonably
possible that changes in the fair values of investment securities will occur in
the near term and that such changes could materially affect participants'
account balances and the amounts reported in the statement of net assets
available for benefits.
Concentration of Credit Risk: At December 31, 2008 and 2007, approximately 18%
and 0% of the Plan's assets were invested in Cape Bancorp, Inc. common stock.
NOTE 3 - RIGHTS UPON PLAN TERMINATION
Although it has not expressed any intent to do so, the Bank has the right under
the Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA.
- --------------------------------------------------------------------------------
(Continued)
8.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 4 - INVESTMENTS
The Bank of New York, the custodian of the Plan, held investment assets and
executed transactions during 2008 and 2007.
The following presents the fair values of investments that represent 5 percent
or more of the Plan's net assets available for benefits.
December 31,
2008 2007
---- ----
Cape Bancorp, Inc. common stock, 145,244 and
0 shares, respectively $ 1,331,887 $ -*
State Street Bank and Trust Company Common Collective Trust Funds
Pentegra Stable Value Fund
(Contract Value: 2008- $1,576,467; 2007- $1,004,460) 1,562,984 967,110
Short Term Investment Fund 848,308 630,549
S&P Midcap Index SL Series Fund 699,454 1,023,849
Passive Bond Market SL Series Index 555,003 23,759*
Long US Treasury Index SL Series Fund 508,531 217,703*
S&P 500 Flagship SL Series Fund 499,724 788,362
Bank of New York, Collective Short Term Investors Fund -* 1,734,938
* Shown for comparative purposes. Fair value of investment does not represent
more than 5 percent of the Plan's net assets available for benefits.
During 2008 and 2007, the Plan's investments (including gains and losses on
investments bought and sold, as well as held during the year) depreciated in
value as follows:
Period ended
December 31,
------------
2008 2007
---- ----
Cape Bancorp common stock $ (121,376) $ -
Common/collective trust funds (1,272,405) (21,127)
--------------- ----------------
Net depreciation $ (1,393,781) $ (21,127)
=============== ================
- --------------------------------------------------------------------------------
(Continued)
9.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 2008 and 2007
- --------------------------------------------------------------------------------
NOTE 5 - PARTY-IN-INTEREST TRANSACTIONS
Parties-in-interest are defined under DOL regulations as any fiduciary of the
Plan, any party rendering service to the Plan, the employer, and certain others.
The Plan holds common collective trust funds managed by State Street Global
Advisors (SSGA), the Plan's investment manager and The Bank of New York, the
Plan's custodian, which qualify as party-in-interest transactions. The Plan also
holds shares of Cape Bancorp, Inc. common stock (Note 4). Participant loans held
by the Plan are also considered party-in-interest transactions. Certain
administrative functions are performed by officers or employees of the Bank. No
such officer or employee receives compensation from the Plan.
Certain professional fees for the administration of the Plan were paid by the
Bank on behalf of the Plan. During 2008 fees of $216 were paid by the Plan to
The Bank of New York, custodian of the Plan, fees of $38,466 were paid by the
Plan to Pentegra Services, Inc., Plan recordkeeper, and fees of $7,355 were paid
by the Plan to State Street Global Advisors, investment manager, which represent
party-in-interest transactions. During 2007 fees of $5,309 were paid by the Plan
to Pentegra Services, Inc., Plan recordkeeper, and fees of $1,034 were paid by
the Plan to State Street Global Advisors, investment manager, which represent
party-in-interest transactions.
NOTE 7 - TAX STATUS
The Internal Revenue Service issued an opinion letter dated March 31, 2008
indicating that the prototype adopted by the Plan, as then designed, was in
compliance with applicable requirements of the Internal Revenue Code. Although
the Plan has been amended from the original prototype document, Plan management
believes that the Plan is currently being operated in accordance with the
Internal Revenue Code.
NOTE 8 - SUBSEQUENT EVENTS
On January 1, 2009, the Plan changed its name from Cape Savings Bank Employees'
Savings & Profit Sharing Plan and Trust to Cape Bank Employees' Savings & Profit
Sharing Plan and Trust.
- --------------------------------------------------------------------------------
10.
SUPPLEMENTAL SCHEDULES
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
Year ended December 31, 2008
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Cape Savings Bank
---------------------------
Employer Identification Number: 21-0600992
-----------------
Three-digit Plan Number: 003
------------------------
Participant Contributions of the Current Plan Year Not Deposited
Into the Plan Within the Time Period Described in 29 CFR 2510.3-102 $ 499,117
--------------
Plus: Delinquent Deposits of Prior Year Participant Contributions
Not Corrected Prior to the Current Plan Year 65,900
--------------
565,017
Total Delinquent Participant Contributions (line 4a of Schedule H)
Less: Amount fully corrected under the DOL's Voluntary Fiduciary
Correction Program (VFC Program) and PTE 2002-51 -
--------------
Delinquent Deposits of Participant Contributions Constituting
Nonexempt Prohibited Transactions $ 565,017
==============
- --------------------------------------------------------------------------------
11.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4a - SCHEDULE OF DELINQUENT PARTICIPANT CONTRIBUTIONS
Year ended December 31, 2007
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Cape Savings Bank
---------------------------
Employer Identification Number: 21-0600992
-----------------
Three-digit Plan Number: 003
------------------------
Participant Contributions of the Current Plan Year Not Deposited
Into the Plan Within the Time Period Described in 29 CFR 2510.3-102 $ 65,900
--------------
Plus: Delinquent Deposits of Prior Year Participant Contributions
Not Corrected Prior to the Current Plan Year -
--------------
Total Delinquent Participant Contributions (line 4a of Schedule H) 65,900
Less: Amount fully corrected under the DOL's Voluntary Fiduciary
Correction Program (VFC Program) and PTE 2002-51 -
--------------
Delinquent Deposits of Participant Contributions Constituting
Nonexempt Prohibited Transactions $ 65,900
==============
- --------------------------------------------------------------------------------
12.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Year ended December 31, 2008
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Cape Savings Bank
---------------------------
Employer Identification Number: 21-0600992
-----------------
Three-digit Plan Number: 003
------------------------
(c)
Description of Investment
(b) Including Maturity Date, (e)
Identity of Issue, Borrower, Rate of Interest, Collateral, (d) Current
(a) Lessor, or Similar Party Par or Maturity Value Cost Value
--- ------------------------ --------------------- ---- -----
Common Collective Funds
* State Street Bank and Trust
Company Short Term Investment Fund # $ 848,308
* State Street Bank and Trust
Company S&P Flagship SL Series Fund # 499,724
* State Street Bank and Trust Long US Treasury Index SL
Company Series Fund # 508,531
* State Street Bank and Trust
Company S&P Value Index SL Series Fund # 99,315
* State Street Bank and Trust
Company Pentegra Stable Value Fund # 1,576,467
* State Street Bank and Trust Conservative Strategic
Company Balanced SL Fund # 29,502
* State Street Bank and Trust
Company Moderate Strategic Balanced Fund # 186,625
* State Street Global Advisors Aggressive Strategic
Company Balanced SL Fund # 52,262
* State Street Bank and Trust
Company S&P Growth Index SL Series Fund # 201,854
* State Street Bank and Trust
Company S&P MidCap Index SL Series Fund # 699,454
* State Street Bank and Trust
Company Russell 2000 Index SL Series Fund # 162,486
* State Street Bank and Trust
Company Daily EAFE SL Index Series Fund # 246,225
* State Street Bank and Trust REIT Index Non-Lending
Company Series Fund # 18,441
* State Street Bank and Trust
Company Target Retirement 2015 SL # 21,168
* State Street Bank and Trust
Company Target Retirement 2025 SL # 17,890
- --------------------------------------------------------------------------------
* Denotes party-in-interest
# Investment is participant-directed, therefore historical cost is not required.
(Continued)
13.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Year ended December 31, 2008
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Cape Savings Bank
---------------------------
Employer Identification Number: 21-0600992
-----------------
Three-digit Plan Number: 033
------------------------
(c)
Description of Investment
(b) Including Maturity Date, (e)
Identity of Issue, Borrower, Rate of Interest, Collateral, (d) Current
(a) Lessor, or Similar Party Par or Maturity Value Cost Value
--- ------------------------ --------------------- ---- -----
* State Street Bank and Trust
Company Target Retirement 2035 SL # $ 13,801
* State Street Bank and Trust
Company Target Retirement 2045 SL # 7,114
* State Street Bank and Trust Passive Bond Market Index
Company SL Series Fund # 555,003
* State Street Bank and Trust Nasdaq 100 Index Non-Lending
Company Fund # 94,778
* The Bank of New York
Mellon TBC Inc Pooled Emp Daily # 66,078
* The Bank of New York
Mellon TBC Inc Pooled Emp Daily # 520
---------------
5,905,546
Common Stock
* Cape Bancorp, Inc. Common Stock # 1,331,887
* Participant Loans Interest rates ranging from 5.00%
to 9.25% # 264,213
---------------
$ 7,501,646
===============
- --------------------------------------------------------------------------------
* Denotes party-in-interest
# Investment is participant-directed, therefore historical cost is not required.
14.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Year ended December 31, 2007
- --------------------------------------------------------------------------------
Name of Plan Sponsor: Cape Savings Bank
---------------------------
Employer Identification Number: 21-0600992
-----------------
Three-digit Plan Number: 003
------------------------
(c)
Description of Investment
(b) Including Maturity Date, (e)
Identity of Issue, Borrower, Rate of Interest, Collateral, (d) Current
(a) Lessor, or Similar Party Par or Maturity Value Cost Value
--- ------------------------ --------------------- ---- -----
Common Collective Funds
* State Street Bank and Trust
Company Short Term Investment Fund # $ 630,549
* State Street Bank and Trust
Company S&P Flagship SL Series Fund # 788,362
* State Street Bank and Trust Long US Treasury Index SL
Company Series Fund # 217,703
* State Street Bank and Trust
Company S&P Value Index SL Series Fund # 86,855
* State Street Bank and Trust
Company Pentegra Stable Value Fund # 1,004,460
* State Street Bank and Trust Conservative Strategic
Company Balanced SL Fund # 21,321
* State Street Bank and Trust Moderate Strategic Balanced SL
Company Fund # 204,474
* State Street Global Advisors Aggressive Strategic
Company Balanced SL Fund # 115,623
* State Street Bank and Trust
Company S&P Growth Index SL Series Fund # 111,423
* State Street Bank and Trust
Company S&P MidCap Index SL Series Fund # 1,023,849
* State Street Bank and Trust
Company Russell 2000 Index SL Series Fund # 253,277
* State Street Bank and Trust
Company Daily EAFE Index SL Series Fund # 340,697
* State Street Bank and Trust REIT Index Non-Lending
Company Series Fund # 44,474
* State Street Bank and Trust
Company Nasdaq 100 Non-Lending Fund # 69,587
* State Street Bank and Trust
Company Target Retirement 2015 SL # 1,026
* State Street Bank and Trust
Company Target Retirement 2035 SL # 3,128
- --------------------------------------------------------------------------------
* Denotes party-in-interest
# Investment is participant-directed, therefore historical cost is not required.
(Continued)
15.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS & PROFIT SHARING PLAN AND TRUST
SCHEDULE H, LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)
Year ended December 31, 2007
- --------------------------------------------------------------------------------
(c)
Description of Investment
(b) Including Maturity Date, (e)
Identity of Issue, Borrower, Rate of Interest, Collateral, (d) Current
(a) Lessor, or Similar Party Par or Maturity Value Cost Value
--- ------------------------ --------------------- ---- -----
* State Street Bank and Trust
Company Target Retirement 2045 SL # $ 600
* State Street Bank and Trust
Company Aggregate Bond Fund # 23,759
* The Bank of New York
Mellon Collective Short Term Investors
Fund # 1,734,938
---------------
6,676,105
* Participant Loans Interest rates ranging from 5.00%
to 9.25% # 198,224
---------------
$ 6,874,329
===============
- --------------------------------------------------------------------------------
* Denotes party-in-interest
# Investment is participant-directed, therefore historical cost is not required.
16.
SIGNATURES
The Plan. Pursuant to the requirements of the Securities Exchange Act of
1934, the trustees (or other persons who administer the employee benefit plan)
have duly caused this annual report to be signed on its behalf by the
undersigned hereunto duly authorized.
CAPE SAVINGS BANK EMPLOYEES' SAVINGS &
PROFIT SHARING PLAN AND TRUST
Date August 7, 2009 By: /s/ Guy Hackney
-----------------------------------------
Name: Guy Hackney
Title: SVP/CFO
[Letterhead of Crowe Horwath LLP]
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We consent to the incorporation by reference in Registration Statement No.
333-146178 on Form S-1 of Cape Bancorp, Inc. of our report dated August 5, 2009
appearing in this Annual Report on Form 11-K of Cape Savings Bank Employees'
Savings & Profit Sharing and Trust for the year ended December 31, 2008.
/s/ Crowe Horwath LLP
Crowe Horwath LLP
Oak Brook, Illinois
August 5, 2009