MONTEREY, Calif., Nov. 14 CA-1stCapitalBankTARP
MONTEREY, Calif., Nov. 14 /PRNewswire-FirstCall/ -- 1st Capital Bank
(OTC Bulletin Board: FISB) announced today that it will participate in the
Excess Deposit Insurance and Debt Guarantee programs sponsored by the FDIC and
that it will not participate in the U.S. Treasury Department TARP capital
purchase program.
C.E.O. Fred Rowden said, "1st Capital Bank is well capitalized, with
capital levels well in excess of the regulatory required amount of capital for
the Bank to be considered well capitalized. While participation in the capital
purchase program is entirely voluntary, there are restrictions and costs
associated with that participation. Based on evaluation of its capital
position and strategic objectives, management of 1st Capital Bank currently
believes that its level of capital is adequate to pursue implementation of its
business plan and anticipates continued efforts to achieve its stated goals of
providing quality service to its customers and a reasonable return to its
shareholders without resorting to government capital assistance."
The experienced bankers at 1st Capital Bank provide traditional deposit,
lending, mortgage and commercial products and services to business and retail
customers throughout the Monterey County communities served by the Bank. 1st
Capital Bank currently operates three full service branch offices; the Estrada
Adobe at 470 Tyler Street, Monterey, a recently expanded location at 1097
South Main Street, Salinas and the newly opened King City Branch at 432
Broadway Street.
Information regarding the Bank may be obtained from the Bank's website at
http://www.1stCapitalBank.com. Copies of the Bank's press releases are
available on the website.
Forward Looking Statements
In addition to the historical information contained herein, this press
release may contain certain forward-looking statements. The reader of this
press release should understand that all such forward-looking statements are
subject to risks and uncertainties that could cause actual results to differ
materially from those projected. Factors that might cause such a difference
include, among other matters, changes in interest rates, economic conditions
including inflation and real estate values in California and the Bank's market
areas, governmental regulation and legislation, credit quality, and
competition affecting the Bank's businesses generally; the risk of natural
disasters and future catastrophic events including terrorist related
incidents, and other factors beyond the Bank's control. The Bank does not
undertake any obligation to publicly update or revise any of these
forward-looking statements, whether to reflect new information, future events
or otherwise, except as required by law.
SOURCE 1st Capital Bank
