First California Announces Repurchase of Outstanding TARP Warrant From Treasury
First California Financial Group, Inc. (NASDAQ: FCAL), the holding company of First California Bank, today announced that it has completed the repurchase of a warrant held by the U.S. Treasury Department. The 10-year warrant was issued on December 19, 2008 as part of the Company's participation in the U.S. Treasury's Capital Purchase Program, and entitled the Treasury to purchase 599,042 shares of First California Financial Group Inc. stock at an exercise price of $6.26 per share. The Company paid a total of $599,042 to the Treasury to repurchase the warrant.
On July 14, 2011, First California repurchased 25 million of outstanding preferred shares issued under CPP, and with the repurchase of the warrant, redeemed all of the securities in connection with that program.
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