Boardwalk Bank shares soar on merger

Shares in Boardwalk Bancorp Inc. this morning soared 20 percent, or $3.65, to $21.75 after Cape May Savings Bank said it would buy its rival in New Jersey's Cape May and Atlantic Counties.

In conjunction with the acquisition, Cape May Savings said yesterday, the bank plans to convert from the mutual to the stock form of organization and offer shares to depositors and others as of June 30, 2006.

The deal, which calls for Cape May to pay $23 in stock and cash for Boardwalk, is expected to be completed in the first quarter of 2008, pending approvals of regulators, shareholders and depositors.

Cape May, of Cape May Courthouse, has 13 branches and $613.4 million in assets as of March 31. Boardwalk, of Linwood has seven branches and total assets of $454.8 million.