Heritage Oaks Bancorp Reports Termination of Memorandum of Understanding with FDIC

Heritage Oaks Bancorp Reports Termination of Memorandum of Understanding with FDIC

  • Posted: 04/25/2013
  • Castle Creek

PASO ROBLES, Calif.–(GLOBE NEWSWIRE)–Heritage Oaks Bancorp (the “Company”) (Nasdaq:HEOP), a bank holding company and parent of Heritage Oaks Bank (the “Bank”), reported net income of $3.7 million for the three months ended March 31, 2013, compared with $1.6 million for the same period a year earlier. Income before taxes was $6.1 million for the three months ended March 31, 2013, a $4.9 million increase from $1.2 million for the same period a year ago.

The Company also announced that the Bank’s Memorandum of Understanding, (“MOU”) with the Federal Deposit Insurance Corporation, (“FDIC”) and the California Department of Financial Institutions, (“DFI”) was terminated effective April 24, 2013. In addition, the Company announced that it filed a request with its regulators to approve a dividend of $25 million from the Bank to the Company for the purpose of repurchasing the shares and warrants issued to the U.S. Department of Treasury as part of the Troubled Asset Relief Program—Capital Purchase Program (“TARP CPP”).

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