Fremont Bank Repays TARP In Full To U.S. Treasury
FREMONT, Calif. July 25, 2012 - Fremont Bank, a leading full-service community bank in Northern California, announced today that it has repaid the entirety of its TARP debt capital obligation to the US Treasury, having made all interest payments in a timely fashion on these borrowed funds.
Given the uncertainties in the 2009 market, Fremont Bank's Board of Directors decided to take TARP as a precautionary measure. Ultimately, it was Fremont Bank's strong earnings that actually increased its capital levels during some challenging economic times. Because of this, Fremont Bank's board has now made the decision to repay the TARP and its regulators have approved this action.
Following its very strong earnings performance in 2010 (net income of $ 30.5 million) and 2011 ($49.1 million), Fremont Bank is pleased to announce it has continued its strong history of solid financial performance in 2012, profitable every quarter for the past 25 years.
“Our demonstrated ability to generate strong earnings quarter after quarter has allowed us to increase our capital levels. This higher capital has supported our increased residential and commercial lending to serve the needs of our communities,” noted Fremont Bank President Andy Mastorakis.
About Fremont Bank
Fremont Bank (www.fremontbank.com)
is the leading full-service community bank in Northern California. Founded in 1964, Fremont Bank is one of the oldest independent family-owned and managed banks in the region and focuses on personalized service for individuals and businesses. It serves communities through 18 branches and seven additional ATMs throughout the Greater Bay Area. Exceptional client service is the cornerstone of Fremont Bank's business. Accommodation of customer needs in a friendly, personal atmosphere characterizes Fremont Bank's culture.