Capital Crossing Bank Announces Quarterly Loan Purchases of $120 Million.Business/Financial Editors BOSTON--(BUSINESS WIRE)--April 5, 2000 Capital Crossing Bank (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CAPX CAPX Capital Expenditure(s) cAPX cytosolic ascorbate peroxidase CAPX Capital Expense(s) CAPX Customer Accessible Parts eXpress (Grove Cranes) ) (the "Bank") announced today that during the first quarter of fiscal 2000 it purchased 507 loans with principal balances of approximately $120 million. This compares to loan purchases with outstanding principal balances of approximately $176 million for the entire 1999 fiscal year. These purchases represent the largest volume of performing loan purchases the Bank has had in any fiscal quarter. The loans were purchased for $115 million, have a weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. of 7.88% and a weighted average maturity of 8.17 years. The loans purchased in the first quarter are primarily performing loans and are secured by multi-family (86%) and commercial (13%) real estate located primarily in California. The low loan to value ratio and high-quality of the loans purchased during the first quarter provides the Bank with the opportunity to cross-sell other Bank products to these borrowers. Capital Crossing Bank is a Massachusetts-chartered, FDIC-insured trust company that operates as a commercial bank. The Bank conducts business from its executive and main offices in Boston, a branch in Chestnut Hill, Massachusetts Located six miles west of downtown Boston, Massachusetts, Chestnut Hill is a wealthy suburban village notable for its stately old houses, scenic landscape, and the historic campus of Boston College. , its website at www.capitalcrossing.com and through its leasing subsidiary Dolphin Capital Corp. located in Moberly, Missouri Moberly is a city in Randolph County, Missouri, United States. The population was 11,945 at the 2000 census. The city was incorporated 1868. The Moberly Micropolitan Statistical Area consists of Randolph County. . This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events or financial performance. These statements are only predictions and actual events or results may differ materially. Factors which could cause such differences include material announcements by the Bank or its competitors, the Bank's ability to successfully acquire loans at the same volume and the same yields as it has historically, the level of the Bank's non-performing assets, changes in interest rates that adversely affect the Bank's business as well as those other factors described in the Bank's filings with the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . |
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