"We are also pleased to have repurchased all of the Series A Preferred Stock and related warrants held by UST as part of the TARP CPP," said Ms. Lagomarsino. "Our ability to both repurchase the Series A Preferred Stock and related warrants with internal resources, and terminate our MOU with the Federal Reserve during the third quarter mark significant milestones in our return to financial health. The repurchase of the Preferred Stock and related warrants also eliminates the dilutive effect these instruments had on our common shareholders.""We are extremely excited about the recently announced acquisition of Mission Community Bank," said Ms. Lagomarsino. "This is an exceptional opportunity to combine two well- respected banks that share a deep commitment to our local communities. With our combined operations and increased assets, we can expand product offerings to our customers while continuing to provide outstanding service and retaining the community focus that is at the core of our two banks. We are firmly committed to making this merger a success for our employees, customers, shareholders and communities."
Heritage Oaks Bancorp Reports Third Quarter 2013 Results
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts