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"This additional capital will give us the capacity to grow our loan portfolio while maintaining healthy capital ratios during this difficult economic cycle," said Vincent R. Jones, CEO of the little bank.
Jones added, "As a local community bank, we are very excited about the opportunity to deploy new capital on behalf of our communities and customers." Jones said participation in the program makes economic sense as this capital is attractively priced relative to other sources. The capital gives the Bank additional flexibility by allowing for $75-$100 million in new loan growth over the next several years. After closing on this new capital, the little bank's total risk based capital ratio is over 13%, well above the regulatory level for well capitalized banks.
As a TCPP participant, the little bank issued $7.5 million in preferred stock, on which the Bank will pay non-cumulative dividends on a quarterly basis. The Bank will pay dividends at a rate of 5% per annum until the fifth anniversary when the rate increases to 9% per annum. The stock carries no voting rights and may be repaid at any time during the first three years using the proceeds from a common stock offering or another preferred stock issuance. The terms and conditions of the transaction and the preferred stock will conform to those provided by the U.S. Treasury. A summary of the Capital Purchase Program can be found on the Treasury's website at http://www.ustreas.gov/initiatives/eesa.
The little bank is headquartered in Kinston, North Carolina and currently serves the Lenoir, Wayne, Onslow, Pitt, and Craven county markets. The Bank prides itself on the special care with which it serves its customers. The Bank's website is www.thelittlebank.com. The little bank stock can be found on the Over-the-Counter Electronic Bulletin Board trading under the symbol LTLB.
This press release includes certain forward-looking statements in reliance on the "safe-harbor" provisions of The Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from those anticipated in any such forward-looking statements. The Bank undertakes no obligation to update or revise any such forward-looking statements.
SOURCE: the little bank
the little bank Doyle M. Thigpen, Chief Financial Officer 252-317-2804
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