En­ter­prise Fi­nan­cial re­pur­chases $35m in stock

The Pak Banker - - Front Page -


En­ter­prise Fi­nan­cial Ser­vices Corp an­nounced to­day that it has re­pur­chased the $35 mil­lion in pre­ferred stock it is­sued to the U.S. Trea­sury un­der the Trou­bled As­set Re­lief Pro­gram (TARP) Cap­i­tal Pur­chase Pro­gram. The pre­ferred shares were re­pur­chased at their full face value. In ad­di­tion, the Com­pany paid $0.4 mil­lion in ac­crued and un­paid div­i­dends on the shares.

We agreed to par­tic­i­pate in the Cap­i­tal Pur­chase Pro­gram in late 2008 as an ef­fi­cient means to sup­ple­ment our cap­i­tal strength and sup­port con­tin­ued growth dur­ing a time of eco­nomic un­cer­tainty, said Peter Benoist, Pres­i­dent and CEO. Since then we've ac­com­plished those ob­jec­tives, grow­ing our as­sets by al­most 30% and com­plet­ing four FDIC-as­sisted ac­qui­si­tions. Now, with the econ­omy show­ing signs of re­cov­ery and given our stronger cap­i­tal and liq­uid­ity po­si­tions, we de­cided the time was right to re­pur­chase the pre­ferred stock in full.

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