Fidelity Bancorp (FSBI) Receives Preliminary Approval for $7.0 Million Investment Under Treasury Capital Purchase Program
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Fidelity Bancorp (Nasdaq: FSBI) announced that it has received preliminary approval of its application for a $7.0 million investment in the Company by the United States Department of Treasury under the Treasury's Capital Purchase Program.
Under the Program, the Company would issue up to $7.0 million of preferred stock and warrants to purchase approximately $1.05 million of Company common stock to the Treasury. The additional capital will increase the Company's Tier 1 leverage and total risk-based capital ratios to 8.2% and 12.9%, respectively, compared to 7.3% and 11.4%, respectively, as of September 30, 2008.
Fidelity Bancorp, Inc. is the holding company for Fidelity Bank, a Pennsylvania-chartered, FDIC-insured savings bank conducting business through thirteen offices in Allegheny and Butler counties.
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