April 19 - Carolina Bank Holdings Inc., Greensboro, N.C., (Nasdaq: CLBH) has completed the repurchase of a warrant issued to the United States Department of the Treasury in 2009. The warrant provided the right to purchase 357,675 shares of common stock at a price of $6.71 per share. Carolina Bank Holdings Inc. and the U.S. Treasury agreed on a repurchase price of $1.8 million for the warrant. The U.S. Treasury does not have any residual interest in Carolina Bank Holdings Inc. after the repurchase of the warrant.
Robert T. Braswell, president and CEO of Carolina Bank Holdings Inc., commented, "We are pleased to have been able to negotiate a fair price from the U.S. Treasury on the purchase of our Warrants, which were issued in conjunction with our receipt of the Capital Purchase Program funds in January 2009. Additionally, we have repaid those funds by replacing the U.S. Treasury with 11 different investors, with similar terms and conditions. This transaction was completed in February of 2013. We can now concentrate more on managing the bank to the benefit of our shareholders."
About the Company
Carolina Bank, the banking subsidiary of Carolina Bank Holdings Inc. began banking operations on November 25, 1996. The parent company is a North Carolina corporation organized in 2000. The bank is engaged in lending and deposit gathering activities in the Piedmont Triad of North Carolina, with operations in four counties: Guilford, Alamance, Forsyth and Randolph. The bank has eight full-service banking locations, four in Greensboro, one in Asheboro, one in High Point, one in Burlington, and one in Winston-Salem and mortgage loan production offices in Burlington, Raleigh and Hillsborough. The company's stock is listed on the NASDAQ Global Market under the symbol CLBH. Further information is available on the company's website: www.carolinabank.com.