Redding-based Bank of Commerce Holdings has received a $17 million capital investment from the U.S. Treasury, according to the Sacramento law firm Downey Brand, which is advising the bank.
The investment is part of the government's plan to boost the financial system by strengthening banks' ability to lend. Bank of Commerce is the first small or mid-sized bank in Northern California to close a deal under the program.
Bank of Commerce has $650 million in assets and operates five branches, including locations in Roseville and Yuba City.
While the bank's profits have slipped in the past year as it deals with bad loans, it remains healthy and continues to make money, according to federal filings.
Friday was the deadline for publicly traded banks regulated by the Securities and Exchange Commission to decide whether to apply for the Treasury's Capital Purchase Program, part of the $700 billion rescue plan passed by Congress.
According to the Associated Press, at least 110 banks have requested about $220 billion from the rescue fund.
– Jim Downing
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