Annapolis Bancorp Fully Repays TARP
06 Marzo 2013 - 8:15PM
Business Wire
Annapolis Bancorp, Inc. (NASDAQ: ANNB), parent company of
BankAnnapolis, today announced that it has repaid all of its
remaining TARP obligation to the U.S. Treasury.
In a transaction approved by the Federal Reserve, its primary
regulator, Annapolis Bancorp, Inc. (the “Company”) redeemed the
final 4,076 shares of its Fixed Rate Cumulative Perpetual Preferred
Stock, Series A, issued to the U.S. Treasury Department under the
TARP Capital Purchase Program in January of 2009, at a redemption
price of $4,076,000. Half of the Company’s original $8.152 million
of TARP preferred stock was previously redeemed in April of
2012.
“We are proud to have fulfilled our obligation to the U.S.
Treasury, and by extension, to the U.S. taxpayers,” said Richard M.
Lerner, Chairman and CEO of Annapolis Bancorp, Inc. and
BankAnnapolis. “We stated from the outset that our goal was to pay
off TARP before the scheduled dividend rate increases from 5% to 9%
in January of 2014. Consistent earnings over 14 consecutive
profitable quarters have solidified our capital ratios and enabled
us to accomplish that goal with just under a year to spare.”
Since receiving the TARP investment, the Company has paid the
U.S. Treasury $1.4 million in preferred stock dividends and has
never missed a quarterly dividend payment. “We have always believed
that the U.S. Treasury made a sound investment in Annapolis
Bancorp, and today’s announcement validates that conviction,” said
Lerner.
After completion of the redemption announced today, only a
warrant to purchase up to 299,706 shares of the Company’s common
stock at an exercise price of $4.08 per share remains outstanding
and held by the U.S. Treasury Department.
BankAnnapolis serves the banking needs of small businesses,
professional concerns, and individuals through eight community
banking offices located in Anne Arundel and Queen Anne’s Counties
in Maryland. Last October, the Bank opened its newest branch in the
Waugh Chapel Towne Centre adjacent to Wegmans in Gambrills,
Maryland.
This press release may contain forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements are based on management’s current
expectations and involve certain risks and uncertainties which
could cause actual results to differ materially from those
expressed in forward-looking statements. Factors that might cause
such a difference include, but are not limited to: (i) the rate of
declining growth in the economy and employment levels, as well as
general business and economic conditions; (ii) changes in interest
rates, as well as the magnitude of such changes; (iii) the fiscal
and monetary policies of the federal government and its agencies;
(iv) changes in federal bank regulatory and supervisory policies,
including required levels of capital; (v) the relative strength or
weakness of the consumer and commercial credit sectors and of the
real estate market; (vi) the performance of the stock and bond
markets; (vii) competition in the financial services industry;
(viii) possible legislative, tax or regulatory changes, and; (ix)
such other risks and uncertainties as set forth in the Company’s
filings with the Securities and Exchange Commission. Other than to
the extent required by applicable law, including the requirements
of applicable securities laws, the Company does not undertake, and
specifically disclaims any obligation to update any forward-looking
statements to reflect occurrences or unanticipated events or
circumstances after the date of such statements.
The Company is not responsible for changes made to this press
release by wire services, Internet service providers or other
media.
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