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Beach Business Bank Receives Preliminary Approval for TARP Capital Purchase Program
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MANHATTAN BEACH, CA -- (Marketwire) -- 12/29/08 -- Beach Business Bank (OTCBB: BBBC) (the"Bank") is pleased to announce that the US Treasury Department ("Treasury")has preliminarily approved the Bank's application to participate in theCapital Purchase Program in the approximate amount of $6 million.
The Bank is in the process of completing the associated purchasedocumentation and expects that the sale of preferred shares and warrants tothe Treasury will be completed sometime during the month of January 2009,subject to final acceptance by the Treasury.
Beach Business Bank is headquartered at 1230 Rosecrans Avenue, Lobby Level,in Manhattan Beach, and has a second full-service office at 180 E. OceanBlvd. in Long Beach, CA. For more information on the Bank, please visitwww.beachbusinessbank.com or call 866-862-3878 or 310-536-2260; in LongBeach, call 562-435-8600.
"Safe Harbor" statement under the Private Securities Litigation Reform Actof 1995:
The financial information in this press release is based on our unauditedfinancial results. Certain statements in this press release, includingstatements regarding the anticipated development and expansion of theBank's business, and the intent, belief, and current expectations of theBank, its directors, or its officers, are "forward-looking" statements (assuch term is defined in the Private Securities Litigation Reform Act of1995). Such forward-looking statements are subject to risks anduncertainties and therefore the Bank's actual results may differ materiallyfrom those expressed or implied by such forward-looking statements. Therisks and uncertainties that the Bank is subject to include, but are notlimited to, risks related to the local and national economy, includingfluctuations in interest rates and costs and changes in economic policy;the ability of the Bank to perform in accordance with its plans;competition; regulatory matters; and other risks detailed in its filingswith the State of California Department of Financial Institutions and theFederal Deposit Insurance Corporation. The Bank cautions readers not toplace undue reliance on any forward-looking statements. The Bank does notundertake, and specifically disclaims any obligation, to revise anyforward-looking statements to reflect the occurrence of anticipated orunanticipated events or circumstances after the date of such statements.
Contact:Beach Business BankRobert M. Franko310-802-2910Email ContactorMelissa Lanfre310-802-2919Email Contact
Beach Business Bank is headquartered at 1230 Rosecrans Avenue, Lobby Level,in Manhattan Beach, and has a second full-service office at 180 E. OceanBlvd. in Long Beach, CA. For more information on the Bank, please visitwww.beachbusinessbank.com or call 866-862-3878 or 310-536-2260; in LongBeach, call 562-435-8600.
"Safe Harbor" statement under the Private Securities Litigation Reform Actof 1995:
The financial information in this press release is based on our unauditedfinancial results. Certain statements in this press release, includingstatements regarding the anticipated development and expansion of theBank's business, and the intent, belief, and current expectations of theBank, its directors, or its officers, are "forward-looking" statements (assuch term is defined in the Private Securities Litigation Reform Act of1995). Such forward-looking statements are subject to risks anduncertainties and therefore the Bank's actual results may differ materiallyfrom those expressed or implied by such forward-looking statements. Therisks and uncertainties that the Bank is subject to include, but are notlimited to, risks related to the local and national economy, includingfluctuations in interest rates and costs and changes in economic policy;the ability of the Bank to perform in accordance with its plans;competition; regulatory matters; and other risks detailed in its filingswith the State of California Department of Financial Institutions and theFederal Deposit Insurance Corporation. The Bank cautions readers not toplace undue reliance on any forward-looking statements. The Bank does notundertake, and specifically disclaims any obligation, to revise anyforward-looking statements to reflect the occurrence of anticipated orunanticipated events or circumstances after the date of such statements.
Contact:Beach Business BankRobert M. Franko310-802-2910Email ContactorMelissa Lanfre310-802-2919Email Contact
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