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Capital Bancorp, Inc. - CBNK STOCK NEWS

Welcome to our dedicated page for Capital Bancorp news (Ticker: CBNK), a resource for investors and traders seeking the latest updates and insights on Capital Bancorp stock.

Capital Bancorp, Inc. (NASDAQ: CBNK) is a prominent bank holding company headquartered in Rockville, Maryland. Through its main subsidiary, Capital Bank, N.A., it operates as a commercial-focused community bank serving businesses, non-profit organizations, and entrepreneurs in the Washington, D.C. metropolitan area and beyond.

Core Divisions

  • Commercial Banking: This division provides a range of banking services, including cash management and commercial lending, tailored to meet the needs of local businesses and organizations. Capital Bank, N.A. has received significant recognition for its contributions in this area, including a number two ranking among community lenders and a top ten ranking among all lenders in the Washington metropolitan district by the U.S. Small Business Administration (SBA) for fiscal year 2014.
  • Capital Bank Home Loans: Specializing in conventional and government-guaranteed residential mortgage loans, this division serves customers nationwide, offering products like Veterans Administration home loans.
  • OpenSky: This division is dedicated to providing secured credit cards to under-banked populations and those aiming to rebuild their credit scores, extending its reach across the entire nation.
  • Corporate Office: The corporate office oversees the organization's strategic initiatives and ensures smooth operations across all divisions.

Financial Performance and Growth

With double-digit asset growth over the past few years, Capital Bancorp, Inc. boasts more than $2.2 billion in assets as of December 31, 2023. Its robust financial condition positions the company well to pursue its culture of collaborative partnerships and innovative solutions for businesses and consumers.

Recent Achievements

Capital Bancorp, Inc. has been ranked number 30 in the top 100 community banks in the U.S. for 2014 by SNL Financial, highlighting its strong performance among banks with assets between $500 million and $5 billion. Moreover, it recently entered into a definitive merger agreement with Integrated Financial Holdings, Inc. (IFH), a transaction valued at $66 million. This acquisition is expected to enhance Capital's capabilities in government-guaranteed lending and further diversify its revenue streams.

Strategic Partnerships and Acquisitions

The merger with IFH will create a nationwide leader in government-guaranteed lending, significantly enhancing Capital's service offerings in both USDA and SBA loans. The merger has been approved by both companies' boards of directors and is expected to close in the second half of 2024.

For more information, visit www.CapitalBankMD.com.

Rhea-AI Summary

Capital Bank has announced the appointment of Dominic C. Canuso, CFA, as the new Chief Financial Officer (CFO) for Capital Bancorp and Capital Bank, N.A., effective July 15, 2024. Canuso, a seasoned finance executive, previously served as EVP and CFO at WSFS Bank, where he played a key role in quadrupling the bank's size, producing record profits, and enhancing technology solutions over seven years. He also has prior experience at Barclays Bank, Advanta Bank, and Arthur Andersen Consulting. CEO Ed Barry highlights Canuso's ability to drive growth and transform financial operations as vital to Capital Bank's ongoing expansion. Canuso expressed enthusiasm about joining the leadership team and contributing to Capital Bank's strategic priorities and growth. Canuso is a CFA Charter holder with a Bachelor of Science in Finance and an Executive MBA in Strategy and Leadership from Villanova University.

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Capital Bank, N.A. has announced the relocation and expansion of its Reston branch to 1900 Campus Commons Dr, Suite 130, Reston, VA, which opened on May 6, 2024. This move replaces the former location at 10700 Parkridge Blvd #180. The new branch offers increased space and improved parking, aiming to enhance the banking experience for customers and support local business growth. CEO Ed Barry highlighted the bank's commitment to meeting the evolving needs of its clientele. Capital Bank, operating for over 25 years in the DC Metro Region, reported assets of nearly $2.3 billion as of September 30, 2023.

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Capital Bank has appointed Jim Witty as the Senior Vice President - Director of Contractor Banking, bringing over 30 years of commercial banking experience to the team. His role will focus on leading strategic initiatives and fostering relationships within the contractor banking sector.

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Capital Bank appoints Todd Warren as Senior Vice President and Market Executive for Greater Chesapeake and Baltimore regions. Warren brings 26 years of banking experience to lead C&I teams and support growth initiatives. His community involvement and proven track record make him a valuable addition to the bank.

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Capital Bancorp, Inc. reported strong first-quarter 2024 results with net income of $6.6 million, adjusted net income of $7.1 million, ROAA of 1.15%, and ROAE of 10.19%. The company declared a cash dividend of $0.08 per share. The acquisition of Integrated Financial Holdings, Inc. diversifies their business. Despite headwinds, the company remains well-positioned for value creation.
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Capital Bank (CBNK) appoints Anguel Lindarev as Executive Vice President and CIO to lead IT strategy. Mr. Lindarev brings 25 years of experience in technology operations and digital transformation. Capital Bank aims to enhance banking platforms, customer experiences, and drive growth through innovative IT initiatives.
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Capital Bancorp, Inc. (CBNK) to Acquire Integrated Financial Holdings, Inc. (IFH) in a $66 Million Cash and Stock Transaction, Enhancing Diversification and Fee Income Generation
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OpenSky®, a division of Capital Bank, N.A., partners with The Balancing Act® to educate viewers on credit-building and financial empowerment. With an 88% application approval rate, OpenSky® helps individuals improve credit scores by an average of 41 points in three months.
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Capital Bancorp, Inc. (CBNK) reported a diluted EPS of $0.65, ROAA of 1.63%, and ROAE of 14.44% for 4Q 2023. The Tangible Book Value Per Share increased by 15.6% from 4Q 2022 to $18.31. Loan growth stood at $40.7 million, or 8.7% annualized for 4Q 2023. The company also declared a cash dividend of $0.08 per share. Despite a year-over-year net income stagnation, the company's strategy led to a 29% increase in book value, emphasizing growth and profitability.
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Capital Bank appoints Jacob Dalaya as Chief Strategy Officer to advance strategic growth and expansion.
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FAQ

What is Capital Bancorp, Inc.?

Capital Bancorp, Inc. is a bank holding company that operates through its subsidiary, Capital Bank, N.A., offering commercial and consumer banking services.

Where is Capital Bancorp, Inc. headquartered?

Capital Bancorp, Inc. is headquartered in Rockville, Maryland.

What are the main divisions of Capital Bancorp, Inc.?

The main divisions include Commercial Banking, Capital Bank Home Loans, Corporate Office, and OpenSky.

What services does the Commercial Banking division offer?

The Commercial Banking division offers cash management, commercial lending, and other banking-related services to businesses and organizations.

What is the focus of the OpenSky division?

The OpenSky division focuses on providing secured credit cards to under-banked populations and individuals looking to rebuild their credit scores.

How significant is Capital Bancorp, Inc.'s financial performance?

Capital Bancorp, Inc. has demonstrated strong financial performance with over $2.2 billion in assets and double-digit growth over the past few years.

What recent achievements has Capital Bancorp, Inc. accomplished?

The company has been ranked among the top community banks in the U.S. and recently announced a merger with Integrated Financial Holdings, Inc.

What will the merger with Integrated Financial Holdings, Inc. bring?

The merger will create a nationwide leader in government-guaranteed lending, enhancing Capital's service offerings and diversifying its revenue streams.

When is the merger with Integrated Financial Holdings, Inc. expected to close?

The merger is expected to close in the second half of 2024, pending shareholder and regulatory approvals.

Where can I find more information about Capital Bancorp, Inc.?

More information can be found on their website at www.CapitalBankMD.com.

Capital Bancorp, Inc.

Nasdaq:CBNK

CBNK Rankings

CBNK Stock Data

325.94M
13.89M
32.22%
32.74%
1.43%
Commercial Banking
Finance and Insurance
Link
United States of America
Rockville