The purpose of the CPP is to allow the U.S. Treasury to make capital investments in healthy financial institutions to promote confidence and stabilization in the economy. This increases Blackhawk's capacity to lend money and make investments in the communities it serves. By making this program available to community banks, the U.S. Treasury is ensuring that its economic recovery programs reach 'main street' businesses and communities.
"This investment gives Blackhawk a tremendous additional resource to
continue meeting the borrowing needs of businesses and individuals which help
support and promote economic stability in the communities we serve," said
"With additional capital, Blackhawk will be able to continue the growth
and momentum in local lending we have reported over the last few years. While
many banks were shrinking their portfolios of loans to consumers and
Blackhawk expects to execute agreements and receive final approval within 30 days.
Blackhawk Bancorp, Inc. is headquartered in
When used in this communication, the words "believes," "expects," and
similar expressions are intended to identify forward-looking statements. The
company's actual results may differ materially from those described in the
forward-looking statements. Factors which could cause such a variance to occur
include, but are not limited to: heightened competition; adverse state and
federal regulation; failure to obtain new or retain existing customers;
ability to attract and retain key executives and personnel; changes in
interest rates; unanticipated changes in industry trends; unanticipated
changes in credit quality and risk factors, including general economic
conditions; success in gaining regulatory approvals when required; changes in
the Federal Reserve Board monetary policies; unexpected outcomes of new and
existing litigation in which Blackhawk or its subsidiaries, officers,
directors or employees is named defendants; technological changes; changes in
accounting principles generally accepted in
SOURCE Blackhawk Bancorp, Inc.