First PacTrust Bancorp, Inc. Receives Preliminary Approval for $32.0 Million of SBLF Capital
August 23 2011 - 1:15PM
Business Wire
First PacTrust Bancorp, Inc. (NASDAQ: FPTB) (the "Company"), the
parent company of Pacific Trust Bank, F.S.B., today announced that
it has received preliminary approval to receive an investment of up
to $32.0 million in the Company's preferred stock from the United
States Department of the Treasury under the Small Business Lending
Fund (the "SBLF"). The SBLF is a voluntary program intended to
encourage small business lending by providing capital to qualified
community banks at favorable rates.
In connection with the investment, the Company intends to
contribute $28.8 million of additional capital to Pacific Trust
Bank to further support its growth initiatives throughout Southern
California. Gregory A. Mitchell, President and CEO commented: "The
types of small business and commercial real estate lending
initiatives promoted by the SBLF agenda represent a significant
part of Pacific Trust Bank’s future loan growth. We expect to make
good use of this attractively priced equity to further stimulate
economic activity within our primary markets while providing our
shareholders with enhanced value.” Closing of the SBLF equity
investment is expected to occur on or about August 30, 2011,
subject to customary documentation and final due diligence by the
Treasury.
As of June 30, 2011, First PacTrust Bancorp, Inc. maintained
more than $160 million of tangible equity, representing 18.2% of
assets. Proceeds from the SBLF investment are expected to further
improve capital ratios, leaving the Company with approximately
21.5% equity to assets.
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