Carver Bancorp, Inc. Form 8-K on 9/2/10 (SEC file no. 001-13007)
M&F Bancorp, Inc /NC/ Form 8-K on 8/23/10 (file no. 000-27307)
Citizens Bancshares Corp /GA/ Form 8-K on 8/18/10 (001-14913)
Each of the bank holding companies has exchanged preferred stock previously issued under the Troubled Asset Relief Program Capital Purchase Program (TARP CPP) for an equivalent amount under the Community Development Capital Initiative (CDCI). The CPP program carried a preferred dividend rate of 5% for 5 years, after which the dividend rate increased to 9%. Under the CDCI program, the preferred dividend rate is 2% for 8 years.
The Treasury Department established the CDCI program in February 2010 to invest lower cost capital in Community Development Financial Institutions (CDFI), supporting their lending activities to small businesses or disadvantaged communities. Participation in TARP CDCI is limited to financial institutions certified by the Community Development Financial Institution Fund as a CDFI. The Letter Agreement and Exchange Agreement with the United States Department of the Treasury is included as Exhibit 10.1 of each Form 8-K listed above.
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