News Article

 

ATLANTA—Georgia Commerce Bancshares, Inc., the parent company of Georgia Commerce Bank, today announced the repurchase of $9.135 million in preferred securities held by the U.S. Treasury Department – the entire amount of the preferred securities issued by the Company to the U. S. Treasury Department as part of the Company’s participation in the U.S. Treasury’s Capital Purchase Program.
 

To date, no Georgia financial institution other than Georgia Commerce Bancshares, Inc. has fully repaid the funds received from the U.S. Treasury as a part of the Capital Purchase Program implemented in 2008.

Attorneys from the Atlanta office of Womble Carlyle Sandridge & Rice, led by Steve Dunlevie, assisted Georgia Commerce in the transaction.

Mark W. Tipton, Chairman and Chief Executive Officer of Georgia Commerce said, “We are very pleased to have repurchased all of the securities we issued to the U.S. Treasury Department, effectively concluding the Company’s participation in the Capital Purchase Program. We are also proud to be the first company in Georgia to fully repurchase the securities issued to the U.S. Treasury. Our decision to exit the program at this time, and the approval from our regulators to the repurchase, reflects the Company’s continued strong capital and financial position.”

 

Georgia Commerce Bancshares, Inc. is a privately-owned bank holding company organized in 2003 under the laws of the State of Georgia. The Company’s subsidiary, Georgia Commerce Bank, commenced operations in July 2003 as a state chartered commercial bank. The Bank, which had approximately $395 million in assets at December 31, 2010, is a full service bank primarily serving the Metropolitan Atlanta’s business community as well as the professional and executive market through the Bank’s full service banking offices located in Atlanta and Marietta, Georgia. The Company issued preferred stock to the U.S. Treasury Department in connection with its participation in the Capital Purchase Program in February 2009.