Virginia Commerce Bancorp, Inc. Repurchases Its Entire $71 Million of Preferred Stock Issued Under TARP Capital Purchase Prog...
2012年12月12日 - 3:54AM
ビジネスワイヤ(英語)
Virginia Commerce Bancorp, Inc. (“Virginia Commerce” or the
“Company”) (NASDAQ:VCBI), announced that it has repurchased all of
the Company’s Series A Cumulative Perpetual Preferred Stock that
was issued to the U.S. Treasury under the TARP Capital Purchase
Program. Pursuant to the redemption, the Treasury received from
Virginia Commerce $71.3 million, consisting of $71.0 million in
liquidation value of the preferred stock and approximately $256
thousand in accrued and unpaid dividends for the current quarter.
The redemption will eliminate approximately $5.5 million annually
in cash dividends on the preferred stock and related expenses.
Peter A. Converse, President and Chief Executive Officer,
commented, “We are very pleased to make this announcement which is
consistent with the TARP repayment intent and application indicated
in our third quarter earnings release. We believe that regulatory
approval to repay TARP validates the strength and stability of
Virginia Commerce and recognizes our achievements in enhancing our
credit quality and maintaining strong operating performance. We are
also pleased that we were able to repay TARP through retained
earnings and liquidity. While this repayment strategy may have
taken longer to accomplish, we believe that it served the best
interests of our stockholders as we were able to avoid the expenses
and potential dilutive effects associated with an additional
capital raise.”
The TARP preferred stock had a carrying value of $68.6 million
at September 30, 2012, net of unaccreted discount. Virginia
Commerce will accelerate the accretion of the preferred stock
discount in this fourth quarter of 2012, which is expected to
reduce net income available to common stockholders by approximately
$1.9 million, or $0.06 per diluted common share. In connection with
Virginia Commerce’s participation in TARP, in 2008 the Company
issued to the U.S. Treasury a warrant to purchase 2,696,203 shares
of common stock. Virginia Commerce intends to negotiate with the
U.S. Treasury to repurchase this warrant, subject to regulatory
approval.
Converse concluded, “Following repayment, we continue to
maintain capital levels well in excess of the highest regulatory
guidelines and will eliminate the dividend associated with the
preferred stock. As we look forward, the strength of our capital
keeps us well-positioned to meet both the financial needs of our
clients and our expanding franchise.”
J.P. Morgan Securities LLC served as capital advisor to Virginia
Commerce on its capital plan submission and TARP repayment
application.
About Virginia Commerce Bancorp, Inc.
Virginia Commerce Bancorp, Inc. is the parent bank holding
company for Virginia Commerce Bank (the “Bank”), a Virginia state
chartered bank that commenced operations in May 1988. The Bank,
with over $3.0 billion in assets, pursues a traditional community
banking strategy, offering a full range of business and consumer
banking services through twenty-eight branch offices, a residential
mortgage office and a wealth management services office,
principally to individuals and small-to-medium size businesses in
Northern Virginia and the Metropolitan Washington, D.C. area.
CAUTIONARY NOTE REGARDING
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, including but not limited to the effects of the Company’s
redemption of the preferred stock. When we use words such as “may”,
“will”, “anticipates”, “believes”, “expects”, “plans”, “estimates”,
“potential”, “continue”, “should”, and similar words or phrases,
you should consider them as identifying forward-looking statements.
These forward-looking statements are not guarantees of future
performance. These forward-looking statements are based on the
beliefs of the Company’s management, as well as assumptions made
by, and information currently available to, the Company’s
management. These statements are inherently uncertain, and there
can be no assurance that the underlying assumptions will prove to
be accurate. Readers are cautioned against placing undue reliance
on any such forward-looking statements. For additional information
regarding factors that could affect the Company's operations and
results, see the Company’s Annual Report on Form 10-K for the year
ended December 31, 2011, and other reports filed with and furnished
to the Securities and Exchange Commission.
© 2012 Virginia Commerce Bank, All Rights
Reserved.
Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
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Virginia Commerce Bancorp (MM) (NASDAQ:VCBI)
過去 株価チャート
から 7 2023 まで 7 2024