Exhibit 99.1
Capmark Financial Group Inc. Updates Status of Its Bank Holding Company Application
HORSHAM, Pa. – January 13, 2009 — Capmark Financial Group Inc. (“Capmark”) announced today that it does not expect the Board of Governors of the Federal Reserve System (the “Federal Reserve”) to act on Capmark’s application to become a bank holding company prior to January 15, 2009, the deadline for participation in the U.S. Treasury’s Capital Purchase Program. Although Capmark’s application to become a bank holding company is still pending, Capmark does not expect to be eligible to participate in the Capital Purchase Program under the current rules governing such program. While Capmark continues to actively discuss its application to become a bank holding company with the staff of the Federal Reserve, it cannot provide assurance that its application will be approved and that it will become a bank holding company.
As previously announced, Capmark Bank, Capmark’s Utah industrial bank subsidiary, also applied to participate in the Capital Purchase Program and its application is still being processed by the Federal Deposit Insurance Corporation (the “FDIC”). Participation by Capmark Bank in the Capital Purchase Program is subject to, among other things, the discretion of the FDIC and the U.S. Treasury. Capmark cannot provide assurance that Capmark Bank’s application will be approved or that it will be able to obtain any material benefits under the Capital Purchase Program.
About Capmark®:
Capmark is a diversified company that provides a broad range of financial services to investors in commercial real estate-related assets. Capmark has three core businesses: lending and mortgage banking, investments and funds management, and servicing. Capmark operates in North America, Europe and Asia.
Media Contact: | | Investor Relations Contact: |
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Joyce Patterson | | Bob Sullivan |
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215-328-3842 | | 215-328-1329 |
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Joyce.Patterson@capmark.com | | Investor.relations@capmark.com |
Forward-Looking Statements
Certain statements in this release may constitute forward-looking statements. These statements are based on management’s current expectations and beliefs but are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, among others, adverse changes in debt and capital markets conditions, which may adversely impact Capmark’s access to capital on acceptable terms or the value or salability of Capmark’s real estate related investments; interest rate and credit spread fluctuations; adverse changes in commercial real estate markets; changes in general economic and business conditions, which will, among other things, affect the amount Capmark may earn on products and services and the availability and credit worthiness of its customers; changes in applicable laws and regulations; risks posed by competition; currency risks and other risks associated with international markets.
Such forward-looking statements are made only as of the date of this release. Capmark expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Capmark’s expectations with regard thereto or changes in events, conditions, or circumstances on which any such statement is based.
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