CapitalMark Selected for Small Business Lending Fund
Chattanooga, Tennessee – September 13, 2011 – CapitalMark Bank & Trust was recently selected to participate in the Small Business Lending Fund (SBLF) and will receive $18.2 million in capital to lend to businesses with revenues up to $50 million. The SBLF, a component of the Small Business Jobs Act, was established to encourage banks with assets under $10 billion to increase lending to small businesses, thus stimulating new jobs and boosting economic growth. Only 41% of banks that applied to participate in the program were approved.
Chairman, President and Chief Executive Officer Craig Holley states, “CapitalMark’s model is designed to deliver an enhanced level of advice and service to small businesses and their owners. We recognize that the well-being of our community is directly dependent on the vitality of small businesses and their ability to obtain capital to invest, expand and hire. We are pleased to have the opportunity to increase lending to this enterprising segment in the markets we serve.” Holley continues, “We anticipate that our participation will be good for clients and shareholders alike as it permits our bank to obtain affordable capital, increase lending and continue to grow our assets.”
CapitalMark is one of 130+ banks nationwide that has qualified for SBLF funding totaling approximately $1.8 billion. CapitalMark recently reported a 2nd quarter earnings increase of 14% over the same period 2010 and consistently out-performs its peers in metrics analyzing profitability, performance and stability.
About CapitalMark Bank & Trust:
CapitalMark Bank & Trust offers a wide range of banking and trust services to businesses and individuals. Founded March 5, 2007, CapitalMark has locations in Chattanooga and Knoxville. Additional information about CapitalMark and its full line of products and services can be found at www.capitalmark.com.
Statements made in this press release, other than those concerning historical information, should be considered forward-looking and subject to various risks and uncertainties. Such forward-looking statements are made based upon management’s belief as well as assumptions made by, and information currently available to, management pursuant to “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Our actual results may differ materially from the results anticipated in forward-looking statements due to a variety of factors, including governmental monetary and fiscal policies, deposit levels, loan demand, loan collateral values, securities portfolio values, interest rate risk management, the effects of competition in the banking business from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market funds and other financial institutions operating in our market area and elsewhere, including institutions operating through the Internet, changes in governmental regulation relating to the banking industry, including regulations relating to branching and acquisitions, failure of assumptions underlying the establishment of reserves for loan losses, including the value of collateral underlying delinquent loans, and other factors. We caution that such factors are not exclusive. We do not undertake to update any forward-looking statement that may be made from time to time by, or on behalf of, us.
Equal Housing Lender