FOR IMMEDIATE RELEASE
Braselton-based bank among first in Georgia to complete full reimbursement
BRASELTON, Ga. (April 13, 2011) — Hamilton State Bancshares, a locally owned and operated bank holding company based in Braselton, is the third bank in Georgia to successfully complete repayment of Troubled Asset Relief Program (TARP) funds back to the U.S. Treasury Department, according to an announcement issued today by the company.
Earlier this week, Hamilton State bought back the remainder of its preferred stock that had been issued in February 2009 to the U.S. Treasury Department in exchange for TARP assistance. The original funding totaled $7.35 million.
With the repayment of TARP funds, in addition to another $231 million recently raised through the sale of its common stock, Hamilton State Bank now ranks among the highest capitalized banking companies in the state of Georgia.
“From day one, our top priority has been to repay the Treasury Department’s Capital Purchase Program as soon as possible,” said Hamilton State Bank Chairman and CEO Robert Oliver. “By doing so, we have strengthened our financial standing and can move forward with our strategic growth plans.”
Working with the Federal Deposit Insurance Corporation, Hamilton State Bank will begin actively looking to acquire failed or distressed depository institutions in Georgia through FDIC-assisted transactions.
“Most importantly, we have placed Hamilton State in a position to provide sound benefits for our customers and strong returns for our shareholders,” Oliver said.
Based in Braselton, Ga., Hamilton State Bank currently has offices in Barrow, Hall, Forsyth and Jackson counties. To learn more about Hamilton State Bank visit www.hamiltonstatebank.com.
The Company is a Georgia corporation and a registered bank holding company. The Bank is a Georgia state bank and was established and commenced operations on September 20, 2004. Through the Bank, the Company specializes in providing commercial banking services to small to medium-sized businesses in north Georgia. The Company operates six full service branches: Braselton, Gainesville, Oakwood, Jefferson, Hoschton and Cumming, serving the four-county area of Jackson, Hall, Forsyth and Barrow counties. The Bank conducts a full range of banking services from its branch locations, including: commercial, real estate and consumer lending; deposit products; cash management services; and personal, business and online banking services. For more information, please visit www.hamiltonstatebank.com.
This press release contains certain forward-looking statements. These forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions or by discussion of, among other things, strategy, goals, plans or intentions. Various factors may cause actual results to differ materially in the future from those reflected in forward-looking statements contained in this press release, including among others: (1) developments in financial market and economic conditions; (2) delay or inability in obtaining regulatory approvals; and (3) legislative and regulatory developments; and (4) litigation.