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By Martin C. Daks"Pamrapo is a well-capitalized community bank," said William Campbell, its president and chief executive officer. "Like so many other financial institutions, we see this as a unique opportunity to participate in the government''s program and strengthen our core capital reserves."
The Bayonne-based bank hopes to issue up to $11.4 million of preferred stock to the federal government if it is approved to participate in TARP''s capital purchase program. Last week, Wayne-based Valley National Bank announced that it was approved to sell $330 million in Valley nonvoting senior preferred stock to the United States Treasury under TARP.
Participating banks must agree to caps on executive compensation and so-called golden parachutes. Other than that there appear to be few, if any, restrictions on the way the federal funds must be used.
Stock in the bank''s parent company, Pamrapo Bancorp Inc. (NASDAQ: PBCI), closed at $8.32 a share today, down from Friday''s close of $8.47 a share. Valley National''s parent, Valley National Bancorp (NYSE:VLY), closed at at $18.92 a share today, down from Friday''s close of $19.00 a share.
