Pacific Commerce Bank buys back all $4.3 million TARP preferreds

By Jennifer Chiou

New York, Nov. 4 – Pacific Commerce Bank announced that it has repurchased all $4.3 million of preferred shares that were issued under the Treasury Department's Troubled Asset Relief Program.

According to a press release, the TARP preferreds were purchased from three private investors.

The securities were sold at 62% of par value to the investors by the Treasury, the release noted.

Pacific Commerce Bank, after receiving regulatory approvals from the Federal Reserve Bank of San Francisco and the California Department of Business Oversight, negotiated the repurchase of the securities from the private investors, resulting in an increase to the bank’s common equity in excess of $1.1 million.

Los Angeles-based Pacific Commerce operates a chain of banks in the Los Angeles area.

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