Tennessee Commerce Bancorp Receives Preliminary Approval under U.S. Treasury Department Capital Purchase Program
25 11월 2008 - 8:30PM
Business Wire
Tennessee Commerce Bancorp, Inc. (NASDAQ:TNCC) announced today that
it has received preliminary approval from the U.S. Treasury
Department to participate in its Capital Purchase Program (CPP), a
voluntary initiative designed for U.S. financial institutions to
build capital and increase the flow of credit to support the
economy. �We are pleased that Tennessee Commerce has received
preliminary approval to participate in the Treasury Department�s
Capital Purchase Program,� stated Mike Sapp, President of Tennessee
Commerce Bancorp, Inc. �We believe our participation will further
enhance our ability to serve our customers and support Tennessee
Commerce�s continued growth opportunities.� Under the voluntary
program, Tennessee Commerce will issue senior preferred shares in
an amount up to 3% of its risk weighted assets, or approximately
$30 million. The preferred shares are subject to standard terms for
participating banks, including a 5% dividend for each of the first
five years of the investment, and 9% thereafter, unless Tennessee
Commerce redeems the shares. In conjunction with the senior
preferred shares, Tennessee Commerce will also issue to the
Treasury 10-year warrants to purchase common stock with an
aggregate market value of 15% of the senior preferred stock
investment. About Tennessee Commerce Bancorp, Inc. Tennessee
Commerce Bancorp, Inc. is the parent company of Tennessee Commerce
Bank. The Bank provides a wide range of banking services and is
primarily focused on business accounts. Its corporate and banking
offices are located in Franklin, Tennessee, and it has loan
production offices in Birmingham, Alabama and Minneapolis.
Tennessee Commerce Bancorp's stock is traded on the NASDAQ Global
Market under the symbol TNCC. Additional information concerning
Tennessee Commerce Bancorp can be accessed at
www.tncommercebank.com.
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