August 26, 2009
CAPITAL FUNDING BANCORP CLOSES DEAL TO ACQUIRE AMERICASBANK
Deal Re-Capitalizes, Strengthens Community Bank
BALTIMORE, August 26, 2009 – Capital Funding Bancorp, Inc. announced today that it has closed the deal to acquire AmericasBank Corp. (AMAB.PK), the parent company of AmericasBank, a Maryland-chartered commercial bank with three branches. In an undisclosed cash transaction to shareholders, Capital Funding Bancorp, Inc. has taken ownership of all outstanding shares of AmericasBank. The deal substantially strengthens the community bank, and was approved by AmericasBank shareholders, both company’s boards of directors and federal and state regulators.
No major changes are anticipated at this time to either the bank’s branches or its local service offerings. Business is anticipated to continue as usual for all customers. Capital Funding Bancorp, Inc. is evaluating changing the bank’s name in the future to reflect new ownership.
Effective as of the close last evening, AmericasBank Corp. becomes a wholly-owned subsidiary of Capital Funding Bancorp, Inc. 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.
AmericasBank now will assume certain finance and lending functions of Capital Funding Group, Inc., including two of the most profitable divisions of Capital Funding Group – HUD lending and Capital Finance accounts receivable lending. This results in a transfer of $3 million in profitable loans to the bank. In addition, Capital Funding Bancorp, Inc. will inject more than $34 million in new capital into the bank. The deal does not involve any taxpayer subsidy.
“We are thrilled to have closed on the acquisition of AmericasBank,” commented Jack Dwyer, chairman and owner of Capital Funding Bancorp, Inc. “The future of the bank is not only secure, it is bright. The deal creates a thriving community bank with additional expertise in healthcare that will revive local lending in the Baltimore area. We are pleased that, in this case, we are able to aid in the recovery of community banking without relying on government intervention or a single taxpayer dollar.”
Under the new ownership, AmericasBank 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. Capital Funding Bancorp, Inc. intends to retain the vast majority of the banks’ approximately 30 full-time employees. A. Patrick Linton will serve as the new president and CEO of AmericasBank.
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, Inc. 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. www.americasbank.com
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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Forward-looking Statements:
The statements in this press release that are not historical facts are forward-looking statements as defined by Federal securities laws. Forward-looking statements include statements regarding consummation of the merger, AmericasBank’s post-merger capital levels and strength, and Capital Funding Bancorp’s expansion and management of AmericasBank after the merger. These statements are based on Capital Funding Bancorp Inc.’s and AmericasBank’s current expectations and involve risks and uncertainties that may cause results to differ materially than those set forth in these statements. These risks and uncertainties include, among others: further deterioration of economic conditions in AmericasBank’s market area and nationally; dependence on key personnel; competitive factors within our market area; adequacy of AmericasBank’s allowance for loan losses; and changes in regulatory requirements and/or restrictive banking legislation.
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