Business & Finance
Business and Finance
Business and Finance
Mon, January 26, 2009
Sat, January 24, 2009
Fri, January 23, 2009 United American Bank to Participate in U.S. Treasury Capital Purchase Program
SAN MATEO, Calif.--([ BUSINESS WIRE ])--United American Bank (OTCBB:UABK), today announced that the bank has obtained preliminary approval of its application to sell $8.7 million of preferred stock and preferred warrants to the U.S. Treasury Department under the TARP Capital Purchase Program.
"We are honored that the U.S. Treasury has selected United American Bank to participate in the TARP Capital Purchase Program," said John Schrup, President and Chief Executive Officer of United American Bank.
"This additional capital will strengthen our already strong capital position to meet the needs of the communities we serve, and enhance our ability to support our customers in these difficult times," stated Margaret Taylor, Chairman of the Board of Directors for United American Bank.
"We are pleased to raise additional capital in the current economic environment, and believe that this strategic option is in the best long term interest of our shareholders, our customers, and our employees," further added Mr. Schrup.
The U.S. Treasury Capital Purchase Program is a voluntary program designed to assist healthy financial institutions build their capital positions to support the U.S. economy by increasing the flow of financing to U.S. businesses and consumers. This investment will elevate United American Bank's already strong Tier 2 total risk based capital ratio to an even healthier ratio of approximately 13.50%.
About United American Bank
United American Bank is a full-service commercial bank. The bank is dedicated to providing quality banking and financial services to businesses, professionals and individuals who prefer a high level of personalized client service and management. For more information, visit United American Bank on the web at [ www.UnitedAmericanBank.com ] or call 650-579-1500.
Safe Harbor
Certain matters discussed in this press release constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward looking statements relate to the bank's current expectations regarding future operating results and the growth in loans, deposits, and assets. These forward looking statements are subject to certain risks and uncertainties that could cause the actual results, or performance to differ materially from those expressed, suggested or implied by the forward looking statements.
These risks and uncertainties include, but are not limited to: (1) the impact on the bank's performance from changes in interest rates, local and national economic conditions, and the number of financial services providers, (2) the banks ability to continue the current rate of growth, (3) the banks ability to increase net interest income (4) the quality of the loan portfolio and (5) changes in government regulations.
