Wainwright Bank to get $22m capital infusion
Wainwright Bank & Trust Co. said the government has approved a $22 million investment in its securities as part of a federal plan to boost capital in financial institutions and spur lending.
The Boston-based bank said the Treasury gave preliminary approval to purchase preferred stock and warrants to buy common shares, as part of the $250 billion TARP Capital Purchase Program.
The investment represents 3 percent of the bank’s total risk-weighted assets as of Sept. 30.
‘‘Although we are already ‘well capitalized’ as defined by federal banking regulations, we believe the Capital Purchase Program represents a unique opportunity to raise additional capital on attractive terms,’’ chief executive Jan A. Miller said.
The bank has $1 billion in assets and 12 branches.
(AP)
