Business

Biz Buzz: Mission Community Bank repays TARP money

Mission Community Bank has repaid $5.1 million to the U.S. Treasury Department, repurchasing all 5,116 shares issued under the Troubled Asset Relief Program’s Capital Purchase Program.

Mission Community Bancorp, parent company for the bank, on Dec. 28 paid a total of $5,146,554 to the Treasury, consisting of $5,116,000 in principal and $30,554 in accrued and unpaid dividends, according to a news release from the company.

Since the original federal investment in January 2009, the Treasury earned dividends of $759,584 from the bank, in addition to a full return of the original $5.1 million investment.

Few local banks participated in the program, often referred to as the federal bank bailout, because most were wary that government oversight of the funds would be onerous, according to previous Tribune reports.

Heritage Oaks Bank received $21 million from the U.S. Treasury. Pacific Capital Bancorp, the parent of First Bank of San Luis Obispo, received $188 million. In July 2011, Pacific Capital Bancorp rebranded First Bank as Santa Barbara Bank and Trust.

Mission Community Bank has offices in San Luis Obispo, Atascadero, Santa Maria, Paso Robles, Arroyo Grande and Oxnard.

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