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BankMeridian Opts To Forgo TARP Funds

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Columbia, SC - After extensive evaluation by its Board of Directors and management, BankMeridian elected not to participate in the Treasury Department's voluntary Capital Purchase Program (CPP), which was created as part of the Treasury's Troubled Asset Relief Program (TARP).

BankMeridian President and CEO, Ashley Houser, explained that though the bank recognizes the Treasury's programs are important for strengthening the overall U.S. financial system, the bank's Board of Directors found the imposed limitations were not in the best interests of its shareholders.

"Our confidence in our capital position is one of the main reasons that we chose not to participate in the TARP CPP. Other reasons for not participating included the dividend expense and the timing of future replacement of this capital, along with uncertain government stipulations," said Houser. BankMeridian currently is well-capitalized, and considering the requirements the program would impose on our business, we elected not to participate in the CPP."

Currently BankMeridian has three locations in South Carolina. The Bank is headquartered in its Columbia office at 1320 Main Street in the Meridian Building. The other locations are on Hilton Head Island at 1036 William Hilton Parkway and in downtown Spartanburg at 122 South Liberty Street.

About BankMeridian

BankMeridian is a full-service bank with a unique business model that focuses primarily on providing superior service for small to mid-size businesses and professionals. Local bankers customize the financial solution that is best for each client in a non-traditional bank setting. Experienced local decision-makers handle even the most complex financial situations quickly. BankMeridian has a 19-member Board of Directors that includes some of the most reputable names in South Carolina business. The bank has approximately 400 shareholders. For more information on BankMeridian, visit bank-meridian.com.

Locations:

Columbia - 1320 Main Street, Suite 175, Columbia, South Carolina 29201, 803.753.7700
Hilton Head Island - 1036 William Hilton Parkway, Hilton Head Island, South Carolina 29928, 843.842.9444
Spartanburg - 122 South Liberty Street, Spartanburg, South Carolina, 29306, 864.585.8686