Exhibit 99.1

CAPE BANCORP, INC. REPORTS

THIRD QUARTER 2012 RESULTS

Cape May Court House, New Jersey, October 24, 2012—Cape Bancorp, Inc. (“Cape Bancorp” or the “Company”) (NASDAQ: “CBNJ”), the parent company of Cape Bank, announces its operating results for the quarter and nine months ended September 30, 2012.

For the quarter ended September 30, 2012, Cape Bancorp reported net income of $1.5 million, or $.12 per common and fully diluted share, and $4.1 million, or $.33 per common and fully diluted share, for the nine months ended September 30, 2012. This compares to net income of $1.2 million, or $.09 per common and fully diluted share for the third quarter of 2011, and $10.0 million, or $.81 per common share and fully diluted share, for the nine months ended September 30, 2011. Included in the three and nine months ended September 30, 2011 were tax benefits totaling $4.6 million and $12.3 million, respectively, representing the reversal of a portion of the deferred tax valuation allowance.

Michael D. Devlin, President and Chief Executive Officer of Cape Bancorp and Cape Bank, provided the following statement:

“The results of the third quarter point to the continued improvement of Cape’s core earnings and credit profile.

“Cooperative weather helped most of the Bank’s seasonal business customers enjoy a solid 2012 summer season. Our low level of delinquencies appears to underscore that the local economy has stabilized. We continued to see improvement in credit quality with the percentage of non-performing loans to total gross loans dropping to 2.47%, down from 3.77% at prior year end. All credit metrics improved again this quarter and the Adversely Classified Asset ratio ended at 35%, the lowest level in three years.

“The net interest margin increased to 3.85%. While this is a good level, there has been steady pressure to refinance many of the Bank’s existing credits. This puts downward pressure on the margin and we expect this to continue into the foreseeable future. It also places pressure on maintaining the size of the loan portfolio. Not all credits have the risk profile to warrant a rate reduction, and we will allow credits to leave if we feel it is in the best interest of the Bank’s credit profile. Of course, that puts additional pressure on the pipeline.

“As we have noted before, 2012 has been a year of transitioning from a focus on troubled credits to a return toward traditional banking. Our sales teams are blanketing our markets and the Bank enjoys a high profile. In addition, we are expanding our loan teams into new markets to provide both commercial loans and residential mortgages. As this year winds down, we believe that we are well positioned to increase shareholder value by continued improvement in core earnings through 2013.”

The following are significant factors which contributed to the operating results of the comparative quarters and year-to-date:

Cape Bancorp’s total assets at September 30, 2012 totaled $1.043 billion, a decrease of $27.8 million from the December 31, 2011 level of $1.071 billion.

Total net loans increased $2.5 million to $718.8 million at September 30, 2012, from $716.3 million at December 31, 2011. This change is the result of increased commercial loan activity within all three counties that comprise our market area, and resulted in growth of $11.1 million. This increase was partially offset by a decrease in mortgage loans of $7.5 million resulting from early pay-offs and the Bank selling approximately 49% of originations made during the nine month period in an effort to manage interest rate risk. Consumer loans declined $1.2 million. The allowance for loan losses totaled 1.71% of gross loans and 69.13% of non-performing loans at September 30, 2012. The Company’s Classified Asset Ratio at September 30, 2012 was 35%, a significant improvement from 57% at December 31, 2011 and 69% at September 30, 2011.

At September 30, 2012, the Company had $18.1 million in non-performing loans, or 2.47% of total gross loans, a decrease from 3.77% of total gross loans at December 31, 2011, and 4.13% at September 30, 2011. Included in non-performing loans are troubled debt restructurings totaling $2.5 million at September 30, 2012 and $405,000 at December 31, 2011, respectively.

Other real estate owned decreased $707,000 from $8.4 million at December 31, 2011 to $7.6 million at September 30, 2012, and consisted at September 30, 2012 of fourteen commercial properties and thirty-five residential properties (including twenty-seven building lots). During the quarter ended September 30, 2012, the Company added six commercial properties and six residential properties to OREO with aggregate carrying values of $4.1 million and $1.9 million, respectively. In addition, three commercial OREO properties and six residential OREO properties with aggregate carrying values totaling $4.7 million were sold during the quarter ended September 30, 2012 with recognized net gains of $44,000. For the nine months ended September 30, 2012, the Company sold nine residential OREO properties and eleven commercial OREO properties with aggregate carrying values totaling $9.3 million with recognized net losses totaling $257,000.

At September 30, 2012, Cape Bancorp’s core deposits totaled $511.9 million which represented an increase of $31.4 million from the December 31, 2011 level of $480.5 million. Non-interest bearing deposits increased $12.2 million, NOW and money market accounts increased $12.0 million, and savings accounts increased $7.2 million. Certificates of deposit totaled $237.4 million, a decline of $51.7 million from December 31, 2011. At September 30, 2012, deposits totaled $753.7 million compared to $774.4 million at December 31, 2011.

Cape Bancorp’s total equity increased to $151.0 million at September 30, 2012 from $145.7 million at December 31, 2011, an increase of $5.3 million, or 3.62%. Tangible equity to tangible assets increased to 12.56% at September 30, 2012 compared to 11.72% at December 31, 2011. Cape Bank’s regulatory capital ratios for Tier I Leverage Ratio, Tier I Risk-Based Capital and Total Risk-Based Capital are 9.94%, 13.49% and 14.74%, respectively, all of which exceed well capitalized status.

Cape Bancorp, Inc.

Cape Bancorp, Inc.

Delinquency Summary

NOTE: Excluded from the table above are $1.6 million of commercial loans classified as Loans Held for Sale all of which are over 90 days delinquent.

For further information contact Michael D. Devlin, President and Chief Executive Officer or Guy Hackney, Chief Financial Officer, Cape Bancorp: (609) 465-5600.

Forward Looking Statements

This press release discusses primarily historical information. However, certain statements contained herein are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward looking statements may be identified by reference to a future period or periods, or by the use of forward looking terminology, such as “may,” “will,” “believe,” “expect,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. Forward looking statements are subject to numerous risks, as described in our SEC filings, and uncertainties, including, but not limited to, those related to the economic environment, particularly in the market areas in which the Company operated, competitive products and pricing, fiscal and monetary policies of the U.S. Government, changes in government regulations affecting financial institutions, including regulatory fees and capital requirements, changes in prevailing interest rates, acquisitions and the integration of acquired businesses, credit risk management, asset-liability management, the financial and securities markets and the availability of and costs associated with sources of liquidity.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically declines any obligation to publicly release the results of any revisions, which may be made to any forward looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Further information on factors that could affect Cape Bancorp’s financial results can be found in the filings listed below with the Securities and Exchange Commission.