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Banks that still hold Tarp funds face the prospect of dividend rates rising to 9% from 5% at a time when many of those institutions are still struggling.
June 11 -
Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has appointed a longtime financial manager as its chief financial officer.
December 4 -
Heritage Oaks Bancorp's (HEOP) chief financial officer has resigned and the Paso Robles, Calif., company has named an interim replacement.
November 7
Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has agreed to repurchase the stock warrants it issued through the Troubled Asset Relief Program.
Heritage Oaks will pay the Treasury Department $1.6 million for warrants that cover 611,000 shares of the $1.1 billion-asset company's common stock for $5.15 a share. The repurchase is expected to take place on Aug. 7.
Last month, Heritage Oaks repurchased the preferred stock it issued through Tarp, plus accrued dividends, for $21.3 million. The company received $21 million through the program in March 2009.
"Our ability to repay with internal resources and still maintain strong regulatory capital ratios reflects the financial strength of our organization and marks another major milestone in our return to financial health," Simone Lagomarsino, Heritage Oaks' president and chief executive, said in a press release.
Banks have been
