August 11, 2009
FEDERAL REGULATORS APPROVE CAPITAL FUNDING BANCORP'S ACQUSITION OF AMERICASBANK
BALTIMORE, August 11, 2009 – The Federal Reserve Bank of Richmond, acting under authority delegated by the Board of Governors of the Federal Reserve System, has approved the application by Capital Funding Bancorp, Inc. of Baltimore to acquire AmericasBank Corp (AMAB.PK) and its subsidiary, AmericasBank. Capital Funding Bancorp, Inc. announced its intention to acquire AmericasBank, a Maryland-chartered community bank with three branches, in April of this year. The deal has been approved by both company’s boards of directors and AmericasBank shareholders. The deal will close after final approval from state regulators.
Under the terms of the agreement, AmericasBank Corp. will be acquired by Capital Funding Bancorp, Inc. in a cash transaction to AmericasBank Corp. shareholders. AmericasBank Corp. will become a wholly-owned subsidiary of Capital Funding Bancorp, Inc. Financial terms of the acquisition were not disclosed.
Capital Funding Bancorp, Inc. was formed in early 2009 by Jack Dwyer, a leading Baltimore businessman. Mr. Dwyer is the owner of Capital Funding Group, Inc. which specializes in mortgage loans and working capital financing for the health care industry and has provided more than $1 billion in HUD-insured health care financing nationwide since its founding in 1993. As a result of the transaction, AmericasBank will assume certain finance and lending functions of Capital Funding Group, Inc.
Upon closing, Capital Funding Bancorp, Inc. will acquire ownership of all of the outstanding shares of AmericasBank. Capital Funding Bancorp, Inc. will become the parent corporation of AmericasBank which will continue to operate as a community bank offering small business loans, sound savings, innovative cash management and private banking solutions. AmericasBank has three area branches currently doing business as Towson Community Bank, Annapolis Community Bank, and AmericasBank in the Highlandtown community of the City of Baltimore.
The transaction is anticipated to be transparent to AmericasBank account holders with no major changes anticipated at this time to either the bank’s branches or its local service offerings. After the close of the transaction, Capital Funding Bancorp, Inc. intends to inject more than $34 million in new capital into the bank and transfer $3 million in profitable loans to the bank. Two of the most profitable divisions of Capital Funding Group – HUD lending and Capital Finance accounts receivable lending – will be transferred to the banking operation. The deal does not involve any taxpayer subsidy. Capital Funding Bancorp, Inc. intends to retain the vast majority of the banks’ approximately 30 full-time employees
“We are excited that federal regulators have approved our application,” commented Jack Dwyer, chairman and owner of Capital Funding Bancorp, Inc. “We are one step closer to building a strong community bank with additional expertise in healthcare, and to reviving commercial lending in our area. We are proud to do so without relying on a single taxpayer dollar.”
About Capital Funding Bancorp, Inc. and Capital Funding Group, Inc.
Capital Funding Bancorp, Inc. was formed in early 2009 by Jack Dwyer. Capital Funding Bancorp will assume certain of the financial and lending operations of Capital Funding Group, Inc., a full-service provider of comprehensive financing solutions for health care facilities nationwide, focusing exclusively on the long-term care, assisted living and hospital sectors. Capital Funding Group, Inc. was founded in 1993 and has provided more than $1 billion in HUD-insured health care financing nationwide. Capital Funding Bancorp, Inc. and Capital Funding Group, Inc. are headquartered in Baltimore, MD.
About AmericasBank Corp.
AmericasBank Corp. is the parent company of AmericasBank, a Maryland-chartered commercial bank headquartered in Towson, Maryland. AmericasBank is dedicated to the growth and prosperity of the communities it serves, with a special focus on serving the needs of the business community.
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