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|CTB becomes first local bank to opt for new Treasury program|
Community Trust Bank's parent company received a $24 million investment under the U.S. Treasury Department's Capital Purchase Program.
Community Trust Financial Corp. made the announcement Monday. Besides Community Trust Bank, the corporation also operates Community Trust Bank of Dallas.
Part of the federal Emergency Economic Stabilization Act of 2008, the Capital Purchase Program is designed to provide capital to healthy financial institutions to spur confidence in the banking industry and provide financing for businesses and consumers. The federal government received non-voting preferred stock in Community Trust and related warrants in exchange for the $24 million investment.
"This is significant acknowledgement that we are a healthy, well-run bank," said Drake Mills, CEO and president at Community Trust.
"Our participation in the Treasury's Capital Purchase Program enhances Community Trust's already solid capital position and supports our continued commitment to meet the credit needs in the markets we serve, to continue our strong focus on customers and to take advantage of growth opportunities," Mills said.
Mills said Community Trust had to meet strict asset quality and capital requirements to qualify for the voluntary federal program.
"Community Trust has experienced tremendous growth in the last several years, and a driving force in that growth has been financing local business expansion and meeting the credit needs of individuals," Mills said. "This investment positions us to continue that very strong growth in our core businesses and in support for our communities."
In a successful stock offering in 2008, Community Trust raised approximately $30 million in capital, which it invested in expanding its operations in Louisiana and in opening Community Trust Bank of Texas in Dallas.
So far, the U. S. Treasury has approved approximately 270 banking organizations for participation in the program. Additional banks and entities that meet the Treasury Department's strict criteria for participation are expected to be announced in the near future.
"We are pleased to be one of the community banks selected for participation in this program and look forward to the benefits it will bring to our region," Mills said. "The increased capital will add to an already successful strategy of community-oriented growth as well as exploring new market opportunities."