First Posted: 1/9/2009
Surrey Bancorp announced on Friday that it has raised $2 million in capital as a result of its participation in the U. S. Treasurys Capital Purchase Program of the Emergency Economic Stabilization Act of 2008.
Surrey Bancorp is the holding company for Surrey Bank & Trust and is located at 145 N. Renfro St., in Mount Airy
The company issued 2,000 shares of Surrey Bancorp preferred stock at a 5 percent annual dividend rate for the first five years, increasing to 9 percent in subsequent years if the shares are not redeemed. These shares can be redeemed after three years.
In addition, related warrants will allow the Treasury to obtain additional shares of preferred stock at an annual dividend rate of 9 percent. Shares purchased with the warrants can also be redeemed after three years.
Surrey Bancorp has always been extremely well capitalized, but given the uncertain economic climate, we felt it prudent to further strengthen our capital position, Edward C. (Ted) Ashby III, president and chief executive officer, said. The additional capital will also extend our lending capability. The company has a five-star Superior rating from BauerFinancial Inc.
Surrey Bank & Trust operates full service branch offices at 145 N. Renfro St., 1280 W. Pine St., and 2050 Rockford Street in Mount Airy. Full-service branch offices are also located at 653 S. Key St. in Pilot Mountain, and 940 Woodland Drive in Stuart, Va.
Surrey Bank & Trust can be found online at www.surreybank.com.