This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Heritage Bankshares, Inc. Receives Preliminary Approval For $7.8 Million Investment Under U.S. Treasury's SBLF Program

NORFOLK, Va., July 18, 2011 /PRNewswire/ -- Heritage Bankshares, Inc. ("Heritage") (OTCBB: HBKS), parent of Heritage Bank, today announced that it has received preliminary approval from the U.S. Treasury for a $7.8 million investment under the Small Business Lending Fund program (the "SBLF Program").  The SBLF Program was authorized under the Small Business Jobs Act of 2010, and established a $30 billion fund from which the Treasury can make capital investments in eligible institutions; the capital investments, in turn, are designed to increase the availability of credit for small businesses and promote economic growth nationwide.  

Heritage's participation in the SBLF Program is subject to the Treasury's due diligence review and other customary closing conditions, including execution and delivery of applicable investment documents, as well as approval and authorization by the Board of Directors of Heritage.  If Heritage receives all necessary final approvals for participation in the SBLF Program, it expects that the investment transaction would close within thirty (30) days, and Heritage would use the investment proceeds to repay in full its outstanding investment under the TARP Capital Purchase Program.

About Heritage

Heritage is the parent company of Heritage Bank (  Heritage Bank has four full-service branches in the City of Norfolk and two in the City of Virginia Beach.  Heritage Bank provides a full range of financial services including business, personal and mortgage loans.

Forward Looking Statements

The press release contains statements that constitute "forwardlooking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended.  Forwardlooking statements address future events, developments or results and typically use words such as believe, anticipate, expect, intend, plan, forecast, outlook, or estimate.  Such forwardlooking statements involve known and unknown risks, uncertainties and other factors that may cause Heritage's actual results, performance, achievements, and business strategy to differ materially from the anticipated results, performance, achievements or business strategy expressed or implied by such forwardlooking statements.  Factors that could cause such actual results, performance, achievements and business strategy to differ materially from anticipated results, performance, achievements and business strategy include:  general and local economic conditions, competition, significant increases in capital requirements or other significant changes in regulatory requirements, customer demand for Heritage's banking products and services, and the risks and uncertainties described in Heritage's most recent Form 10K filed with the Securities and Exchange Commission.  Heritage disclaims any intention or obligation to update or revise any forwardlooking statements, whether as a result of new information, future events or otherwise.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free


Chart of I:DJI
DOW 17,131.86 +47.37 0.28%
S&P 500 2,014.89 +15.91 0.80%
NASDAQ 4,838.6430 +8.1730 0.17%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs