New Century Bancorp Will Not Participate in U.S. Treasury's TARP Capital Purchase Program
24 Novembro 2008 - 7:58PM
PR Newswire (US)
DUNN, N.C., Nov. 24 /PRNewswire-FirstCall/ -- New Century Bancorp
(NASDAQ: NCBC), the holding company for New Century Bank, will not
participate in the U.S. Treasury Department's TARP Capital Purchase
Program, announced William L. Hedgepeth II, president and CEO. "As
is our fiduciary responsibility, we evaluated the TARP Capital
Purchase Program," Hedgepeth said. "In doing so, we determined that
it was not in the best interest of our shareholders and our Company
to participate. "The Treasury's intent in creating the plan is good
-- to strengthen our nation's financial system and, by so doing, to
strengthen the overall economy -- and we support their efforts. We
simply believe participation is not right for New Century Bancorp
and our future plans." New Century Bancorp is considered
"well-capitalized" by regulatory standards. Specifically, the
Company's three capital ratios as of September 30, 2008 were as
follows: -- Total risk-based capital ratio = 14.72% versus 10.00%
required to be a well-capitalized bank -- Tier 1 risk-based capital
ratio = 13.47% versus 6.00% required to be a well-capitalized bank
-- Leverage ratio = 10.96% versus 5.00% required to be a
well-capitalized bank As of September 30, 2008, New Century Bancorp
reported total assets of $596.5 million. Founded in 2000, New
Century Bank is a full-service community bank, serving 8 cities
through 10 offices in southeastern North Carolina along the I-95
corridor. Stock symbol: NASDAQ: NCBC The information as of and for
the quarter and nine months ended September 30, 2008, as presented
is unaudited. This news release contains forward- looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, including, without limitation, (i) statements
regarding certain of our goals and expectations with respect to
earnings, earnings per share, revenue, expenses and the growth rate
in such items, as well as other measures of economic performance,
including statements relating to estimates of credit quality
trends, and (ii) statements preceded by, followed by or that
include the words "may," "could," "should," "would," "believe,"
"anticipate," "estimate," "expect," "intend," "plan," "projects,"
"outlook" or similar expressions. The actual results might differ
materially from those projected in the forward-looking statements
for various reasons, including, but not limited to, our ability to
manage growth, our limited operating history, substantial changes
in financial markets, regulatory changes, changes in interest
rates, loss of deposits and loan demand to other savings and
financial institutions, and changes in real estate values and the
real estate market. Additional information concerning factors that
could cause actual results to materially differ from those in the
forward-looking statements is contained in the Company's SEC
filings, including its periodic reports under the Securities
Exchange Act of 1934, as amended, copies of which are available
upon request from the Company. DATASOURCE: New Century Bancorp
CONTACT: Allan Sturges, Senior Vice President and Controller of New
Century Bancorp, +1-910-892-7080, Web site:
http://www.newcenturybanknc.com/
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