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June 4, 2014
16:35 EDTESXBCommunity Bankers Trust repurchases outstanding TARP warrant
Community Bankers Trust Corporation, the holding company for Essex Bank, announced that it has repurchased the warrant that had been associated with the company's TARP preferred stock investment from the United States Department of the Treasury. The Company paid Treasury $780,000 to repurchase the warrant, which has been cancelled. There are no other investments from the company's participation in TARP that remain outstanding.The company had originally issued the warrant, which permitted Treasury to purchase 780,000 shares of the company's common stock at an exercise price of $3.40, in December 2008. The company repaid its remaining TARP preferred stock investment in April 2014 and funded that repurchase through a term loan with SunTrust Bank. The company used its own funds to repurchase the warrant. As a result, the initial principal balance of the term loan will remain at $10,680,000, which was the repurchase price of the remaining preferred stock investment. The company will fund payments on the loan through the earnings of its banking subsidiary. The repurchase has a slight positive impact to the company's additional paid-in capital, as the carrying value of the warrant was higher than its repurchase price. In addition, the repurchase of the warrant will have no immediate negative impact on the Bank's capital levels, and the company's risk-based capital ratios will all remain above the "well capitalized" regulatory thresholds.
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