clear
Tuesday July 28th, 2015 9:20AM

Mountain Valley Bancshares announces TARP repayment

By Staff
CLEVELAND - Mountain Valley Bancshares Inc., the Cleveland-based holding company for Mountain Valley Community Bank, Wednesday announced a TARP (Capital Purchase Program) repayment of $3.4 million to the U.S. Treasury Department.

Mountain Valley, which has bank branches in North Hall, Cleveland, and Jefferson, has now redeemed all 3,000 shares of the Series 2009 preferred stock that was originally issued to the U.S. Treasury under the program. The remaining 465 shares were purchased by investors.

"Repayment of our TARP funds is a significant milestone for Mountain Valley. This action reflects the strength of our balance sheet and with the economic recovery gaining momentum, it was time to redeem the Treasury's investment," stated Marc J. Greene, President & CEO of Mountain Valley Bancshares, Inc., "With the absence of any requirement to raise equity, this is clearly in the best interest of our shareholders."

According to the Treasury Department's Website, the TARP/Capital Purchase Program (CPP) was launched to "stabilize the financial system by providing capital to viable financial institutions of all sizes throughout the nation." The explanation also states "without a viable banking system, lending to businesses and consumers could have frozen and the financial crisis might have spiraled further out of control."

Mountain Valley also reports income of $331,000 for the first half of the year, compared to $232,000 the first half of 2012. Assets from June 2012 to June 2013 remained steady with total assets equaling $148 million and $147 million, respectively.
© Copyright 2015 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Missing Ga. bank director arrested in Brunswick
A bank director accused of losing millions of investors' dollars before vanishing last year was arrested Tuesday during a traffic stop in a city in south Georgia.
7:00PM ( 1 year ago )
S&P 500 index has its best year since 1997
The stock market closed out a record year with more all-time highs on Tuesday, giving U.S. indexes their biggest annual gains in almost two decades.
6:56PM ( 1 year ago )
Colorado readies for 'Green Wednesday' pot sales
Police were adding extra patrols around pot shops in eight Colorado towns that plan to allow recreational sales to anyone over 21 on Jan. 1.
1:52PM ( 1 year ago )
Business News
Sex offender held in Hall County for failing to register
A 47-year-old man was booked into the Hall County Jail Tuesday, being held without bond for allegedly failing to register as a sex offender, his second such arrest.
6:09PM ( 1 year ago )
Pharmacy robberies may involve same suspect
Oakwood Police Tuesday afternoon released details in a pharmacy robbery they're investigating, similar to one that happened in the Hall County Tuesday morning.
5:46PM ( 1 year ago )
Victim critical following apartment fire
A 41-year-old woman was in critical but stable condition Tuesday after being rescued from an apartment fire in Forsyth County late Monday afternoon.
3:16PM ( 1 year ago )
Local/State News
Barrett joins NGPG Heritage OB/GYN
Dr. Kimberly Barrett has joined Northeast Georgia Physicians Group Heritage OB/GYN.
7:33AM ( 1 hour ago )
As Fed meets, it edges toward its first rate hike since 2006
WASHINGTON (AP) — The Federal Reserve is getting close to raising interest rates for the first time in nearly a decade, perhaps in September.
1:28PM ( 19 hours ago )
Gov't: Fiat Chrysler must offer to buy back 500,000 pickups
DETROIT (AP) — Fiat Chrysler must offer to buy back from customers more than 500,000 Ram pickup trucks and other vehicles in the biggest such action in U.S. history as part of a costly deal with safet...
12:29AM ( 1 day ago )
Beverage group sues city over soda warnings, advertising ban
SAN FRANCISCO (AP) — The American Beverage Association has sued the city of San Francisco, claiming new legislation requiring health warning labels on sugary beverages and prohibiting advertisements o...
4:10PM ( 1 day ago )
AP Source: US to hit Fiat Chrysler with record $105M fine
DETROIT (AP) — The U.S. government will hit Fiat Chrysler with a record $105 million fine next week for violating laws in a series of vehicle safety recalls, a person briefed on the matter said.The Na...
12:04AM ( 2 days ago )