EXTON, Pa., Feb. 4, 2016 /PRNewswire/ -- First Resource Bank (OTCQX: FRSB) announced that the FDIC has approved the redemption of the last 25% of the outstanding balance of its Small Business Lending Fund preferred stock. This $1.3 million redemption is subject to approval by the Pennsylvania Department of Banking and Securities but is expected to be completed prior to the dividend rate increase in mid-March.
President & CEO, Glenn B. Marshall stated, "We are very grateful to have been a part of the SBLF program and to have played a role in helping the economy strengthen after the most recent recession. During our time in the SBLF program we almost doubled the size of our loan portfolio and absent that capital that loan growth would not have been possible. Now is the right time to exit this program with the upcoming dividend rate increase from 1% to 9% and our common shareholders will benefit from the elimination of this preferred equity."
About First Resource Bank
First Resource Bank is a locally owned and operated Pennsylvania state-chartered bank, serving the banking needs of businesses, professionals and individuals in Chester County, Pennsylvania. The Bank offers a full range of deposit and credit services with a high level of personalized service. First Resource Bank also offers a broad range of traditional financial services and products, competitively priced and delivered in a responsive manner to small businesses, professionals and residents in the local market. For additional information visit our website at www.firstresourcebank.com. Member FDIC.
This press release contains statements that are not of historical facts and may pertain to future operating results or events or management's expectations regarding those results or events. These are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts. When used in this press release, the words "expects", "anticipates", "intends", "plans", "believes", "seeks", "estimates", or words of similar meaning, or future or conditional verbs, such as "will", "would", "should", "could", or "may" are generally intended to identify forward-looking statements. These forward-looking statements are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are either beyond our control or not reasonably capable of predicting at this time. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the results discussed in these forward-looking statements. Readers of this press release are accordingly cautioned not to place undue reliance on forward-looking statements. First Resource Bank disclaims any intent or obligation to update publicly any of the forward-looking statements herein, whether in response to new information, future events or otherwise.
SOURCE First Resource Bank