Virginia Commerce Bancorp Receives $71 Million Preferred Stock Investment Under Treasury Capital Purchase Program
2008年12月13日 - 7:15AM
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Virginia Commerce Bancorp, Inc. (the �Company�), (Nasdaq: VCBI),
the parent company of Virginia Commerce Bank, announced that today
it completed the sale and issuance of $71,000,000 of a new series
of its preferred stock to the United States Department of the
Treasury. The Treasury�s investment was made pursuant to the
Capital Purchase Program established under the Emergency Economic
Stabilization Act. The Company also issued to the Treasury a
warrant to purchase 2,696,203 shares of the Company�s common stock
at an exercise price of $3.95 per share. Peter A. Converse, Chief
Executive Officer of the Company, commented, �Although we are
well-capitalized beyond regulatory guidelines, we are pleased to
have been approved for participation in the Capital Purchase
Program. The additional capital will further strengthen our
financial position, better position us to meet the challenges
facing our industry and our economy, and most importantly, allow us
to continue to provide much needed credit to businesses and
consumers throughout our market. It is clearly in the best interest
of our stockholders to obtain this capital at an effective cost
that is lower and less dilutive than could be obtained in the
public or private capital markets.� The non-voting senior preferred
shares to be issued to the Treasury will pay a dividend of 5%
annually for the first five years after issuance and 9% annually
after the fifth year, if they are not redeemed. ABOUT VIRGINIA
COMMERCE BANCORP, INC. Virginia Commerce Bancorp, Inc. is the
parent bank holding company for Virginia Commerce Bank, a Virginia
state chartered bank that commenced operations in May 1988. The
Bank pursues a traditional community banking strategy, offering a
full range of business and consumer banking services through
twenty-seven branch offices, one residential mortgage office and
one investment services office, principally to individuals and
small-to-medium size businesses in Northern Virginia and the
Metropolitan Washington, D.C. area. For more information, visit:
www.virginiacommercebank.com. Forward looking Statements: This
press release contains forward looking statements within the
meaning of the Securities and Exchange Act of 1934, as amended,
including statements of goals, intentions, and expectations as to
future trends, plans, events or results of Company operations and
policies and regarding general economic conditions. In some cases,
forward-looking statements can be identified by use of words such
as �may,� �will,� �anticipates,� �believes,� �expects,� �plans,�
�estimates,� �potential,� �continue,� �should,� and similar words
or phrases. These statements are based upon current and anticipated
economic conditions, nationally and in the Company�s market,
interest rates and interest rate policy, competitive factors and
other conditions which by their nature, are not susceptible to
accurate forecast and are subject to significant uncertainty.
Because of these uncertainties and the assumptions on which this
discussion and the forward-looking statements are based, actual
future operations and results in the future may differ materially
from those indicated herein. Readers are cautioned against placing
undue reliance on any such forward-looking statements. The
Company�s past results are not necessarily indicative of future
performance.
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