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Year to Date Loan Production Has Already Exceeded Original $2.2 Billion Projection
LOS ANGELES, Dec. 10, 2012 (GLOBE NEWSWIRE) -- CapitalSource Inc. (NYSE:CSE) today announced that its Board of Directors has declared a special cash dividend of $0.50 per common share, and a quarterly cash dividend of $0.01 per share on its common stock for the fourth quarter of 2012. Both dividends are payable on or about December 26, 2012 to shareholders of record on December 20, 2012. The ex-dividend date for the quarterly and special dividend will be December 18, 2012. The aggregate amount of the special dividend will be approximately $106 million.
"Our announcement of a $0.50 per share special dividend, to be paid before the end of the calendar year, is a continuation of our ongoing commitment to return Parent Company capital to our shareholders while growing our overall business and maintaining solid capital levels at CapitalSource Bank," said James J. Pieczynski, CapitalSource CEO. "Following payment of the dividends announced today, we will have returned nearly $900 million to shareholders over the last 24 months, principally in the form of share repurchases, and we intend to continue returning Parent capital as we generate additional excess liquidity."
"In addition to returning excess Parent Company capital, we are focused on growing our loan portfolio while maintaining a credit first standard. Despite competitive challenges, we believe that our national specialty lending franchise can continue its strong performance," commented Tad Lowrey, CapitalSource Bank Chairman and CEO. "As evidence, we have already closed approximately $600 million of new loans this quarter, taking our year to date total above $2.3 billion and exceeding our original full year projection. In addition, we have a strong pipeline of approved loans expected to close prior to year end."