VIST Financial Receives $25 Million through the Treasury Capital Purchase Program
December 19 2008 - 4:20PM
PR Newswire (US)
WYOMISSING and BLUE BELL, Pa., Dec. 19 /PRNewswire-FirstCall/ --
VIST Financial Corp. (NASDAQ:VIST) announced that the U.S. Treasury
purchased $25 million of VIST preferred stock today as part of its
Capital Purchase Program (CPP). Under the CPP, VIST applied for and
received $25 million in Tier 1 capital and in return issued the
Treasury $25 million in shares of a new class of VIST preferred
stock. "VIST Financial expects to use proceeds to support growth in
both our core banking and fee-based insurance and investment
businesses," said Robert D. Davis, President and Chief Executive
Officer, VIST Financial. "The primary use of the proceeds will be
to support loan growth in our market area consistent with our
commercial client-centered business strategy," he stated. "Monies
from the CPP were granted to eligible financial institutions
committed to supporting future growth of their communities," Davis
added. In the transaction, Treasury purchased 25,000 shares of a
new series of VIST senior preferred stock. The new senior preferred
stock has an aggregate liquidation preference of $25 million and an
initial cumulative annual dividend rate of 5%. As part of the CPP,
VIST also issued to Treasury stock purchase warrants to purchase
364,078 shares of VIST common stock at an exercise price of $10.30
per share. VIST Financial (formerly Leesport Financial Corp.) is
diversified financial services company headquartered in Wyomissing,
PA, offering banking, insurance, investments, wealth management,
and title insurance services throughout Berks, Southern Schuylkill,
Montgomery, Delaware, and Philadelphia Counties. This release may
contain forward-looking statements with respect to the Company's
beliefs, plans, objectives, goals, expectations, anticipations,
estimates, and intentions that are subject to significant risks and
uncertainties, and are subject to change based on various factors,
some of which are beyond the Company's control. The Company does
not undertake to update any forward-looking statement, whether
written or oral, that may be made from time to time by or on behalf
of the Company. DATASOURCE: VIST Financial Corp. CONTACT: Robert D.
Davis, President and Chief Executive Officer, +1-610-603-7246, or
Edward C. Barrett, Executive Vice President & Chief Financial
Officer, +1-610-603-7251, both of VIST Financial Corp.
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