WESTMINSTER, Calif., Oct. 27, 2008 (GLOBE NEWSWIRE) -- Saigon National Bank (OTCBB:SAGN) has received approval of U.S. Treasury's investment and purchase of preferred shares in the bank. The investment by Treasury will equate to 3% of risk-weighted assets, the maximum the Treasury can invest in any bank under the program rules.
The addition of U.S. Treasury 's purchase of preferred shares will increase the bank's Tier 1 capital to 24.7% as of September 30, 2008. The additional capital will allow the bank to increase its lending activity in the local community.