Dubuque's Premier Bank to participate in Capital Purchase Program - KWWL - Eastern Iowa Breaking News, Weather, Closings

Premier Bank to participate in Capital Purchase Program


DUBUQUE, IA - Jeffrey P. Mozena, President and CEO of Premier Bank, announced today that Premier Financial Corp has been selected by the US Treasury Department to participate in the Capital Purchase Program (CPP). The CPP is a voluntary program for healthy banks designed to promote the availability of credit to communities.

Premier Financial Corp Board of Directors voted to accept a $6.3 million US Treasury capital investment. CPP funds are essentially a loan from the US Treasury that the bank holding company must pay back at an interest rate of approximately 9.5%.

"Our participation allows Premier Bank to support local economic growth on a greater scale and contribute to the economic prosperity in the tri-state area," said Mozena.

Mozena said Premier Bank's lending capacity will increase by a significant amount.

Premier Bank is a locally-owned, Dubuque-focused community bank with current assets of $280 million.

Online reporter: Lauren Squires
Follow Lauren on Twitter

Powered by Frankly