Exhibit 99.1
Contact Information: | | |
| | |
Alan I. Rothenberg | | Angie Yang/Eileen Rauchberg |
Chairman/Chief Executive Officer | | PondelWilkinson Inc. |
Phone (310) 270-9501 | | Corporate and Investor Relations |
| | Phone: (310) 279-5980 |
Jason P. DiNapoli | | |
President/Chief Operating Officer | | |
Phone: (310) 270-9505 | | |
1ST CENTURY BANCSHARES DECIDES NOT TO PARTICIPATE
IN TREASURY’S CAPITAL PURCHASE PROGRAM
LOS ANGELES – November 17, 2008 –1st Century Bancshares, Inc. (OTCBB:FCTY, the “Company”), the holding company of 1st Century Bank, N.A. (the “Bank”), today announced that it will not apply for funds available in the Treasury’s Capital Purchase Program, which is part of the recently launched Troubled Assets Relief Program (TARP.)
1st Century cited its strong capital structure as the principal reason for not applying for the additional funds.
“1st Century is among the strongest capitalized financial institutions in our geographic market, with more than sufficient capital to continue our growth and to pursue business opportunities,” said Alan I. Rothenberg, Chairman and Chief Executive Officer. “Despite the challenging external operating environment, we have consistently focused on asset quality metrics and are leveraging our solid position to continue supporting our community through prudent lending.”
The Bank’s total risk-based capital ratio of 25.43% and tier 1 risk-based capital ratio of 24.18% as of September 30, 2008 are substantially above the minimum regulatory thresholds of 10.00% and 6.00%, respectively, to be considered “well capitalized.”
About 1st Century Bancshares, Inc.
1st Century Bancshares, Inc. is the bank holding company of 1st Century Bank, N.A., a full service commercial bank headquartered in the Century City area of Los Angeles. The Bank’s primary focus is relationship banking to family owned and closely held small and middle market businesses, professional service firms and high net worth individuals, real estate investors, medical professionals, and entrepreneurs. Additional information is available at www.1stcenturybank.com.
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