CapitalMark Achieves Small Business Lending Fund Success
Chattanooga, Tennessee – January 12, 2012 – CapitalMark Bank & Trust announces successful initial deployment of capital received through the Small Business Lending Fund (SBLF) with a 15% increase in lending as stated in a recent release by the Treasury. CapitalMark received a total of $18.2 million 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 were approved with criteria based upon strength, stability and performance.
Chattanooga President Kenny Dyer states, “We were pleased to participate and were confident that we could put the funds to work, lending to businesses with solid plans and continuing to grow our bank. Our participation will benefit both clients and shareholders. Further, we know that the community benefits when small businesses succeed in obtaining capital to invest, expand and hire.”
CapitalMark is one of 281 banks nationwide that qualified for SBLF funding totaling approximately $4 billion. CapitalMark reported assets of $580 million in the 3rd quarter 2011, representing a 33% increase year-over-year. CapitalMark 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 and received regulatory approval to open offices in Oak Ridge and Cleveland, TN. 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.