Monarch Financial Holdings Secures Holding Company Line of Credit
June 12 2012 - 8:30AM
Monarch Financial Holdings, Inc. (Nasdaq:MNRK) (Nasdaq:MNRKP), the
holding company for Monarch Bank, announced it has secured a $5
million line of credit from PNC Bank, National Association. The
funds available under the line of credit will be used for general
corporate purposes. The 364 day line of credit is renewable based
on Monarch meeting certain financial tests, and the tax-deductible
interest expense formula is floating and tied to short-term Libor
rates.
"Banking lines of credit have become quite rare over the last
four years, with only the strongest banking companies receiving
this type of credit." stated Brad E. Schwartz, Chief Executive
Officer. "We plan on using the line to further enhance Monarch
Bank's well capitalized status and to support our current strong
level of mortgage origination growth. The line should further
enhance the returns we provide for our shareholders, based on the
extremely low cost for this capital."
Monarch Financial Holdings, Inc. is the one-bank holding company
for Monarch Bank. Monarch Bank is a community bank with ten banking
offices in Chesapeake, Virginia Beach, Norfolk, and Suffolk,
Virginia. OBX Bank, a division of Monarch Bank, operates offices in
Kitty Hawk and Nags Head, North Carolina. Services are also
provided through over fifty ATMs located in the South Hampton Roads
area and the Outer Banks of North Carolina, and "Monarch Online"
consumer, mobile and business internet banking (monarchbank.com).
Monarch Mortgage and our affiliated mortgage companies have over
twenty offices with locations in Virginia, North Carolina,
Maryland, and South Carolina. Our subsidiaries/divisions include
Monarch Bank, OBX Bank, Monarch Mortgage (secondary mortgage
origination), OBX Bank Mortgage (secondary mortgage origination),
Coastal Home Mortgage, LLC (secondary mortgage origination),
Regional Home Mortgage, LLC (secondary mortgage origination),
Monarch Home Funding, LLC (secondary mortgage origination), Monarch
Investments (investment and insurance solutions), Real Estate
Security Agency, LLC (title agency) and Monarch Capital, LLC
(commercial mortgage brokerage). The shares of common stock of
Monarch Financial Holdings, Inc. are publicly traded on the Nasdaq
Capital Market under the symbol "MNRK", and shares of our
convertible preferred stock are publicly traded on the Nasdaq
Capital Market under the symbol "MNRKP".
This press release may contain "forward-looking statements,"
within the meaning of federal securities laws that involve
significant risks and uncertainties. Statements herein are based on
certain assumptions and analyses by the Company and are factors it
believes are appropriate in the circumstances. Actual results could
differ materially from those contained in or implied by such
statements for a variety of reasons including, but not limited to:
changes in interest rates; changes in accounting principles,
policies, or guidelines; significant changes in the economic
scenario: significant changes in regulatory requirements; and
significant changes in securities markets. Consequently, all
forward-looking statements made herein are qualified by these
cautionary statements and the cautionary language in the Company's
most recent Form 10-K and 10-Q reports and other documents filed
with the Securities and Exchange Commission. The Company does not
undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the
forward-looking statements are made.
CONTACT: Brad E. Schwartz - (757) 389-5111
www.monarchbank.com
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