Chicopee Bancorp, Inc. Announces That It Did Not Apply for Participation in the TARP Capital Purchase Program

2008-11-15 02:03:03 -

Chicopee Bancorp, Inc. (the " Company " ) (Nasdaq Global Market: CBNK), the holding company for Chicopee Savings Bank (the " Bank " ), today announced that it did not apply for participation in the U.S. Treasury " s Capital Purchase Program, which is part of the federal government " s Troubled Asset Relief Program ( " TARP

" ).
Referencing the holding company " s recently released September 30, 2008 Form 10-Q, William J. Wagner, President and CEO, said, " The Company " s current capital to risk weighted assets ratio stands at 23.8%, and the Bank " s current capital to risk weighted assets ratio stands at 20.2%. " This ratio is well above the minimum to be well capitalized under Prompt Corrective Action requirements, which is 10%. Further, the Bank " s tier 1 capital ratio is at 19.4%, which compares favorably to the 6% minimum to be well capitalized under Prompt Corrective Action.
" We believe that our balance sheet is in great shape. We have great liquidity, significant capital and asset quality remains strong, " said Wagner. " After thorough consideration, we determined that the Company can better serve our stockholders and customers by not participating in the TARP Capital Purchase Program. "
Chicopee Bancorp, Inc. is a publicly owned bank holding company and the parent corporation of Chicopee Savings Bank, a Massachusetts stock savings bank headquartered at 70 Center Street, Chicopee, MA 01013. Chicopee Savings Bank provides a wide variety of financial products and services through its main office, it " s lending and operations center and five branch offices located in Chicopee, Ludlow, West Springfield, all in Western Massachusetts. The Bank " s plans to open two new branches are well underway, with a new South Hadley location slated to open this month and a new Ware location slated to open soon after. For more information regarding the Bank " s products, services and locations, please visit our web site at cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Fwww ...
Chicopee Bancorp, Inc.

W. Guy Ormsby, 413-594-6692

Executive Vice President, Chief Financial Officer

and Treasurer