Herbert L. Hornsby Jr., the president and chief executive of Cape Bancorp Inc. in Cape May Courthouse, N.J., abruptly resigned Tuesday, a day after the company announced a large increase in its provision for loan losses and said it was delaying the release of its earnings as it considered goodwill impairment charges related to a 2008 acquisition.

Michael D. Devlin was named Mr. Hornsby's successor. Mr. Devlin has been the company's chief operating officer since Cape bought Boardwalk Bancorp Inc. of Linwood, N.J., in January 2008.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.