Fidelity D & D Bancorp, Inc. Declines Participation in U.S. Treasury Department TARP
2009年1月30日 - 7:05AM
PRニュース・ワイアー (英語)
DUNMORE, Pa., Jan. 29 /PRNewswire-FirstCall/ -- The Board of
Directors of Fidelity D & D Bancorp, Inc. (OTC:FDBC) (BULLETIN
BOARD: FDBC) announced that it received preliminary approval from
the U.S. Treasury Department to take part in the U.S. Treasury
Troubled Asset Relief Program Capital Purchase Program (TARP CPP).
Based on the company's strong capital position, the Company has
decided not to participate in the program. The effect of accepting
the preferred equity was also determined to not be in the best
interest of our shareholders. Just like the last 105 years, the
Company's sound capital base along with ample liquidity allows us
to continue with expansion plans, serve our depositors, and fund
loans to our community for the foreseeable future. At December 31,
2008, the Company's total risk-based capital ratio was 13.6%, Tier
1 risk-based ratio was 12.6% and its leverage ratio was 9.9%. The
Company currently exceeds the regulatory guidelines with the
Company's capital adequacy levels above the "well-capitalized"
regulatory requirements. Steven C. Ackmann, President and CEO,
says, "We are well-capitalized, solid, and continue to invest in
our community. Because we are so well capitalized, we felt our
customers and shareholders would be better served by not
participating in the Treasury program. We continue to make
consumer, mortgage and commercial loans, and we've had a strong
fourth quarter in loan production. In addition, we continue to make
sure our customers know that their deposits are safe with Fidelity
Bank, so in addition to keeping our capital base strong, we have
decided to participate in the FDIC's Temporary Liquidity Guarantee
Program (TLGP)." While many news sources report on a lack of
lending by the banking industry, Fidelity has continued to make
loans to its community. In fact, fourth quarter lending for the
Company remained strong, with over $12,000,000 in mortgage loans
funded, in addition to over $40,000,000 closed in commercial loans.
To protect its depositors, the Company is also participating in the
FDICs TLGP. Under the TLGP, all depositors who hold funds in
non-interest bearing accounts, or interest-bearing accounts with an
interest rate of 0.50% or less, including the Lawyers Trust
Accounts, will have a temporary unlimited guarantee from the FDIC
until December 31, 2009. The coverage of the TLGP is in addition to
and separate from coverage available under the FDIC's general
deposit insurance rules, which insure accounts up to $250,000 until
the end of the year. DATASOURCE: Fidelity D & D Bancorp, Inc.
CONTACT: Steven C. Ackmann, President and Chief Executive Officer,
+1-570-346-4156, or Salvatore R. DeFrancesco, Jr., Treasurer and
Chief Financial Officer, +1-570-504-8000, both of Fidelity D &
D Bancorp, Inc. Web Site: http://www.the-fidelity.com/
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