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BCSB Bancorp Repurchases TARP Warrant

 

April 22 - Baltimore-based BCSB Bancorp Inc. (NASDAQ: BCSB), the holding company for Baltimore County Savings Bank, has repurchased from United States Department of the Treasury a warrant to purchase 183,465 shares of the company's common stock at an exercise price of $8.83 per share. The warrant was issued to Treasury in March 2008 in connection with the company's participation in the TARP Capital Purchase Program. The company paid an aggregate purchase price of $1.44 million for the repurchase of the warrant, which has been cancelled. The repurchase price was based on the fair market value of the warrant as agreed on by the company and Treasury.

President and CEO Joseph J. Bouffard commented, "With the redemption of the Warrant, we have now completely exited the TARP Capital Purchase Program, having already repurchased the preferred stock in January 2011. We are especially pleased that we were able to redeem both the preferred stock and the warrant without having to raise additional capital, which would have been dilutive to our shareholders. All of the funds used to complete both of these transactions were derived from internal sources."

Founded in 1955, Baltimore County Savings Bank operates under its holding company, BCSB Bancorp Inc. and provides regional community banking solutions through 16 locations across the Baltimore metropolitan area. For more information, visit www.baltcosavings.com.


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