| FOR IMMEDIATE RELEASE | Contact: Malin Clark, Bank of Marin |
| | |
| | malinclark@bankofmarin.com |
BANK OF MARIN BANCORP ANNOUNCES POSITIVE REGULATORY RESPONSE TO ITS APPLICATION TO REPURCHASE $28 MILLION IN PREFERRED STOCK ISSUED UNDER THE U.S. TREASURY CAPITAL PURCHASE PROGRAM
NOVATO, Calif. – March 26, 2009 – Bank of Marin Bancorp (NASDAQ: BMRC), parent company of Bank of Marin (the “Bank”), announced today that all of its regulators, including the U.S. Treasury, have no objections to the repurchase of all 28,000 shares of preferred stock issued on December 5, 2008 as part of the voluntary Capital Purchase Program (“CPP”). Bank of Marin Bancorp (“Bancorp”) expects to complete the repurchase transaction on March 31, 2009. The Capital Purchase Program was established by the Treasury pursuant to the Troubled Asset Relief Program, or TARP. The repayment will include accrued dividends.
“As discussed in our press release dated March 16, 2009, by participating in this program, we did our part to help stimulate the local economy during a volatile time in the financial markets. Given the operating restrictions we experienced as a participant, we believe this decision is in the best interest of our customers, shareholders, and employees,” said Russell A. Colombo, President and CEO. “We feel we are well positioned to continue lending in our community without additional capital support. After the completion of this transaction, Bancorp’s Risk-Based Capital Ratio will exceed the standard for a “Well Capitalized” financial institution at approximately 11%.”
About Bank of Marin Bancorp
Bancorp’s assets exceeded $1 billion as of December 31, 2008. Bank of Marin, as the sole subsidiary of Bancorp, operates twelve branch offices in California and a commercial loan production office in San Francisco. The Bank’s Administrative offices are located in Novato, California and its Wealth Management Services are located in Corte Madera, Novato and Petaluma, California. Bank of Marin has received a superior five-star rating from Bauer Financial for 39 consecutive quarters, and been named to the Bauer Financial recommended list for 68 quarters (www.bauerfinancial.com). For more information, visit Bank of Marin at www.bankofmarin.com.
Forward Looking Statements
This release may contain certain forward-looking statements that are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact Bancorp’s earnings in future periods. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, the current financial turmoil in the United States and abroad, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies or guidelines; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting Bancorp’s operations, pricing, products and services. These and other important factors are detailed in various securities law filings made periodically by Bancorp or the Bank, copies of which are available from Bancorp without charge. Bancorp undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.
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