Howard Bancorp, Inc. (the "Company"), the parent company of Howard Bank, today announced that it has received an investment of $12.5 million in the Company's preferred stock from the United States Department of the Treasury under the Small Business Lending Fund (the "SBLF"). The SBLF is a program created by the US Treasury exclusively for qualifying community banks and is intended to encourage small business lending by providing Tier 1 capital to those qualified banks at favorable rates.
Simultaneously with the receipt of the SBLF funds, the company redeemed the full balance of $6.3 million of shares of preferred stock issued to the Treasury under the U S Treasury Capital Purchase Program (the "CPP"). The resulting net increase of approximately $6.2 million of additional capital will support Howard Bancorp’s continued growth.
Mary Ann Scully, Chairman and CEO stated "The types of small business lending targeted by the SBLF program represent a significant portion of Howard Bank’s loan portfolio, as well as being the primary focus of our projected growth. This capital will bolster our increased lending to the small to medium sized businesses in the Greater Baltimore marketplace and we look forward to continuing to support local businesses as they successfully navigate through these difficult economic times. At a time when many are projecting nothing but difficult times ahead, Howard Bancorp still believes in our Greater Baltimore regional economy and the business owners that, at the end of the day, will be the ones who move forward and lead the economic upturn. We are now better prepared than ever to support their endeavors and through them our local economy. In addition, the increased capital not only enhances our already strong balance sheet and our regulatory capital ratios, which are already well in excess of the required minimums, but it also supports our strategic growth and expansion goals.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV