LAKEWOOD, Colo.--(BUSINESS WIRE)--
Solera National Bancorp, Inc. (OTCBB:SLRK), the holding company
for Solera National Bank, announced today that the continuing
improvement in the Bank’s operational processes and financial
performance has led to the termination of the Consent Order dated
December 16, 2010 between Solera National Bank and the Office of the
Comptroller of Currency, the Bank’s primary banking regulator. Effective
immediately, Solera National Bank is no longer subject to any formal or
informal regulatory agreement.
“We are delighted that our accomplishments have been recognized by our
regulator,” said Douglas Crichfield, President and Chief Executive
Officer. “This lifting of the regulatory restrictions is a significant
event for us. We worked diligently and expediently to meet the
requirements outlined in the Consent Order.”
“At March 31, 2012, we had achieved profitability in six of the past
eight quarters, with improving asset quality and strong capital levels:
total risk-based capital was 20.2% and our tangible common equity ratio,
excluding unrealized gains on securities, was 12.7%. We expect this
positive momentum to continue throughout 2012,” Crichfield concluded.
About Solera National Bancorp, Inc.
Solera National Bancorp, Inc. was incorporated in 2006 to organize and
serve as the holding Company for Solera National Bank which opened for
business on September 10, 2007. Solera National Bank is a traditional,
community, commercial bank with a specialized focus serving the Hispanic
market. It prides itself in delivering personalized customer service —
welcoming, inclusive and respectful — combined with leading-edge banking
capabilities. The Bank is also actively involved in the community in
which it serves. For more information, visit http://www.solerabank.com.
Cautions Concerning Forward-Looking Statements
This press release contains statements that may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995.The statements contained in this
release, which are not historical facts and that relate to future plans
or projected results of Solera National Bancorp, Inc. (“Company”) and
its wholly-owned subsidiary, Solera National Bank (“Bank”), are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of
1934.These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially from
those projected, anticipated or implied.These risks and
uncertainties can include the risks associated with the ability to grow
the Bank and the services it provides, the ability to successfully
integrate new business lines and expand into new markets, competition in
the marketplace, general economic conditions and many other risks
described in the Company’s Securities and Exchange Commission filings.The most significant of these uncertainties are described in our
Annual Report on Form 10-K and Quarterly reports on Form 10-Q all of
which any reader of this release is encouraged to study (including all
amendments to those reports) and exhibits to those reports, and include
(but are not limited to) the following: the Company has a limited
operating history upon which to base an estimate of its future financial
performance; general economic conditions may be less favorable than
expected, causing an adverse impact on our financial performance; and
the Company is subject to extensive regulatory oversight, which could
restrain its growth and profitability.We undertake no obligation
to update or revise any forward-looking statement. Readers of this
release are cautioned not to put undue reliance on forward-looking
statements.
Solera National Bancorp, Inc.
Douglas Crichfield, President & CEO,
303-937-6429
or
Robert J. Fenton, EVP & CFO, 303-202-0933
Source: Solera National Bancorp, Inc.