Beach Business Bank Announces Second Partial Repayment of TARP Investment
(firmenpresse) - MANHATTAN BEACH, CA -- (Marketwire) -- 10/19/11 -- Beach Business Bank (OTCBB: BBBC) (the "Bank"), has announced that on October 19, 2011, it entered into a second letter agreement with the United States Department of the Treasury to which the Bank repurchased 1,500 of the remaining 4,500 shares of the Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") issued to the US Treasury. Previously, on July 6, 2011, the Bank had repurchased 1,500 of the original 6,000 shares of the Series A Preferred Stock that the Bank had issued to the Treasury on January 30, 2009 under the TARP Capital Purchase Program of the Emergency Economic Stabilization Act of 2008. The Bank paid $1.5 million to repurchase the preferred shares along with the accrued dividend for the shares repurchased.
Following the repurchase, the US Treasury will continue to own $3.0 million of the Bank's Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, as well as 300 shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B (the "Series B Preferred Stock"), The Bank will continue to pay dividends on the remaining shares of Series A and Series B Preferred Stock.
"With the completion of our second partial repurchase of preferred stock, I am pleased to report that the Bank is continuing to execute on its plan to repurchase all of the Series A and Series B Preferred Stock, subject to regulatory approval," commented James Gray, Director and Chairman of the Bank.
Robert Franko, President and Chief Executive Officer, noted, "It is noteworthy that the Bank's continued profitability has allowed the Bank to redeem a portion of our Series A Preferred Stock, while maintaining sufficient capital to continue to be Well Capitalized."
Beach Business Bank is headquartered in Manhattan Beach, and has offices in Long Beach, Torrance, and Orange County, CA. The Bank is first and foremost a community business bank serving Southern California residents and businesses. The Bank also has a division named The Doctors Bank®, which serves physicians and dentists nationwide. In addition, Beach Business Bank provides loans to small businesses, focused around the SBA lending programs. For more information on the Bank, please visit or call 866-862-3878.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
The financial information in this press release is based on our unaudited financial results. Certain statements in this press release, including statements regarding the anticipated development and expansion of the Bank's business, and the intent, belief, and current expectations of the Bank, its directors, or its officers, are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Such forward-looking statements are subject to risks and uncertainties and therefore the Bank's actual results may differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that the Bank is subject to include, but are not limited to, risks related to the local and national economy, including fluctuations in interest rates and costs and changes in economic policy; the ability of the Bank to perform in accordance with its plans; competition; regulatory matters; and other risks detailed in its filings with the State of California Department of Financial Institutions and the Federal Deposit Insurance Corporation. The Bank cautions readers not to place undue reliance on any forward-looking statements. The Bank does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.
Contact:
Beach Business Bank
Melissa Lanfre
310-802-2919
or
Robert Franko
310-802-2910
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Datum: 19.10.2011 - 14:30 Uhr
Sprache: Deutsch
News-ID 1047872
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MANHATTAN BEACH, CA
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Kategorie:
Commercial & Investment Banking
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