Central Bancorp, Inc. Receives Preliminary Approval for $10.0 Million of SBLF Capital
August 02 2011 - 3:00PM
Marketwired
Central Bancorp, Inc. (NASDAQ: CEBK) (the "Company"), the parent
company of Central Co-operative Bank (the "Bank"), today announced
that it has received preliminary approval to receive an investment
of up to $10.0 million in the Company's preferred stock from the
United States Department of the Treasury under the Small Business
Lending Fund (the "SBLF"). The SBLF is a voluntary program intended
to encourage small business lending by providing capital to
qualified community banks at favorable rates.
The Company intends to use up to $10.0 million in SBLF funds to
redeem the shares of preferred stock issued to the Treasury under
the TARP Capital Purchase Program. Subject to review of the SBLF
documentation by the Company and final due diligence by the
Treasury, the Company expects to seek the full amount of the
approved investment. Closing is expected to occur during August
2011.
Central Bancorp, Inc. is the holding company for Central Bank,
whose legal name is Central Co-operative Bank, a
Massachusetts-chartered co-operative bank operating nine
full-service banking offices, a limited service high school branch
in suburban Boston and a standalone 24-hour automated teller
machine in Somerville.
This press release may contain certain forward-looking
statements, which are based on management's current expectations
regarding economic, legislative and regulatory issues that may
impact the Company's earnings in future periods. Factors that could
cause future results to vary materially from current management
expectations include, but are not limited to, the results of the
Treasury's final due diligence review regarding the Company's SBLF
participation, general economic conditions, changes in interest
rates, deposit flows, real estate values and competition, changes
in accounting principles, policies or guidelines, changes in
legislation or regulation, and other economic, competitive,
governmental, regulatory and technological factors affecting the
Company's operations, pricing, products and services.
Contact: Paul S. Feeley Senior Vice President, Treasurer and
Chief Financial Officer (617) 628-4000
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