Thursday, March 12 2009
Another Indiana-based bank has received preliminary approval to participate in the U.S. Treasury Department's Capital Purchase Program. American Community Bancorp Inc., which operates the Bank of Evansville, says the federal government is offering to invest up to approximately $7.5 million in newly-issued preferred stock. The company has not decided whether it will take part in the voluntary program.
Bank of Evansville Approved For Treasury Program
American Community Bancorp, Inc. (OTC Bulletin Board: ACBP) (the "Company"), the holding company for Bank of Evansville, announced it has received preliminary approval to participate in the U.S. Treasury Department's Capital Purchase Program (the "Program"), part of the government's effort to restore confidence in the nation's financial system by providing capital to the U.S. banking system. Under this Program, and subject to satisfaction of standard closing conditions, the Treasury Department has offered to invest up to approximately $7.5 million in newly-issued preferred equity stock of American Community Bancorp, Inc.
Michael S. Sutton, President and Chief Executive Officer, commented, "We are pleased to have been approved for the Program. While we have not entered into an agreement with the Treasury Department to participate in this voluntary Program, we are considering the possibility and evaluating Program details at this time."
At December 31, 2008, Bank of Evansville was "well-capitalized" by all regulatory standards.
American Community Bancorp, Inc., through its wholly-owned subsidiary, Bank of Evansville, provides a full range of commercial and consumer banking services in the Evansville, Indiana, area.
Source: Inside INdiana Business & American Community Bancorp Inc.