Century Bancorp (CNBKA) Receives Preliminary Approval for $30 Million From TARP
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Century Bancorp, Inc. (NASDAQ: CNBKA) has received preliminary approval for an investment of up to $30 million of new capital under the United States Department of the Treasury's Capital Purchase Program.
The Treasury will invest up to approximately $30 million in non-voting, senior preferred shares of Century Bancorp, Inc. and will also receive warrants to purchase Century Bancorp, Inc. Class A common stock subject to standard Capital Purchase Program terms and conditions.
Century Bank and Trust Company, a wholly-owned subsidiary of Century Bancorp, Inc., is a state chartered full-service commercial bank, operating twenty-three full-service branches in the Greater Boston area, and offers a full range of Business, Personal and Institutional Services. [SM]
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