The Private Bank of California Opts into the Small Business Lending Fund
LOS ANGELES, September 7, 2011 (BUSINESS WIRE) – The Private Bank of California (the “Bank”) (OTCBB: PBCA.OB) today announced receipt of a $10 million preferred stock investment from the U.S. Department of the Treasury (“Treasury”) through its Small Business Lending Fund (“SBLF”) program. Enacted into law in the Small Business Jobs Act of 2010, the SBLF is a $30 billion program intended to stimulate lending to small businesses by providing capital to qualified community banks.
Simultaneously, with the receipt of its SBLF funding on September 1, 2011, the Bank redeemed 100% of the preferred stock totaling $5,723,000 issued to the Treasury in February 2009 under the TARP Capital Purchase Program.
“Only healthy financial institutions have been selected to participate in this important program designed to stimulate jobs and economic growth. We are very pleased that we qualified to participate in the Small Business Lending Fund,” stated Chief Executive Officer David Misch. “The Private Bank has been committed to lending throughout the Great Recession and its aftermath and our SBLF participation enhances our commitment on a go forward basis.”
Executive Vice President Nick Zappia added, “Our participation in the Small Business Lending Fund strengthens our already strong balance sheet and capital levels, which in turn improves our ability to meet the credit needs of businesses in the markets we serve.”
Visit www.tpboc.com for additional information about The Private Bank of California.
About The Private Bank of California
The Private Bank of California is a full-service depository financial institution that specializes in Private, Entertainment and Business Banking and caters to a select group of individuals and private companies. The Bank is a member of the Federal Deposit Insurance Corporation, chartered in California and administratively headquartered at 10100 Santa Monica Boulevard, Suite 2500, Los Angeles 90067. The Bank has Branch Offices in Century City (10100 Santa Monica Boulevard, Suite 2430, Los Angeles 90067) and Hollywood (7083 Hollywood Boulevard, Suite 650, Los Angeles 90028), as well as a Loan Production Office in Downtown Los Angeles (601 South Figueroa Street, Suite 1850, Los Angeles 90017). Additional information is available at www.tpboc.com or by calling 310.286.0710.
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