First PacTrust Bancorp Completes TARP Repayment

First PacTrust Bancorp, Inc. FPTB announced today that it has redeemed the $19.3 million of series A preferred stock issued to the U.S. Treasury under the “TARP” Troubled Asset Relief Program's Capital Purchase Program. As part of the redemption of the preferred stock, First PacTrust Bancorp also paid accrued dividends of approximately $88,000, bringing the total dividends paid to the U.S. Treasury and U.S. taxpayers to about $1,994,000 since the preferred stock was issued on November 21, 2008. The U.S. Treasury continues to hold warrants to purchase approximately 280,795 shares of First PacTrust Bancorp common stock at an exercise price of $10.31 per share.