Printer Friendly

Bankwell Financial reports stock redemption.

Global Banking News-November 23, 2015--Bankwell Financial reports stock redemption

(C)2015 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 23 November 2015

Bankwell Financial Group Inc. (NASDAQ: BWFG) has said that it has redeemed USD10.98m (10,980 shares) of preferred stock issued pursuant to the United States Department of Treasury under the Small Business Lending Fund Programme (the SBLF).

The shares were redeemed at their liquidation value of USD1,000.00 per share plus accrued dividends to November 20, 2015. The SBLF is a USD30bn fund established under the Small Business Jobs Act of 2010 to encourage lending to small businesses by providing Tier-1 Capital to qualified community banks with assets of less than USD10bn.

The redemption was approved by the company's primary federal regulator and will be funded with the company's surplus capital. With this redemption, Bankwell has redeemed all of its outstanding SBLF stock.

'As part of our long-term capital management strategy, we are pleased to announce our exit from the SBLF program,' said Christopher R. Gruseke, chief executive officer and president of Bankwell Financial Group. 'We will repay 100 percent of the total with no dilution to our current shareholder base. The SBLF program was a valuable capital source for the Company as we expanded into new markets and grew our reputation as a small business lender. In addition to the bank's accumulated earnings since 2011 and subsequent to our participation in the SBLF program, Bankwell also successfully completed a USD50m IPO and an USD25.5m subordinated note offering. With a solid capital structure in place, we are well positioned for profitable growth.'

Bankwell is a commercial bank that serves the banking and lending needs of residents and businesses throughout Fairfield and New Haven Counties, CT.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

((Distributed via M2 Communications - http://www.m2.com))

COPYRIGHT 2015 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2015 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Nov 23, 2015
Words:312
Previous Article:Atlantic Coast Financial announce expansion in Florida, branch sale in Georgia.
Next Article:Wells Financial declares cash dividend.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters