EDWARDSVILLE, Ill., Nov. 24, 2008 (GLOBE NEWSWIRE) -- First Clover Leaf Financial Corp. (Nasdaq:FCLF) announced today that, after careful consideration, it has decided not to apply for capital under the U.S. Treasury's Capital Purchase Plan.
Dennis Terry, Chief Executive Officer of the Company, said, "First Clover Leaf Bank maintains one of the highest capital levels of any bank in the Metro-East. We have maintained a conservative operating philosophy that does not include exotic investments such as sub-prime mortgages or their related securities. This philosophy allows us the flexibility to continue to make loans in our market, to grow the Bank, to invest in technology and to execute on our strategic plans in communities we serve."
Mr. Terry continued, "We believe that we can execute on our business strategy without the need to receive additional capital from the federal government through participation in the Treasury's Capital Purchase Program. We believe that the additional restrictions that would be placed on our operations as a result of any participation in the Capital Purchase Program outweigh the marginal benefits the Bank would receive from the additional capital, in light of our already strong capital position."
This news release contains certain forward-looking statements, which are subject to risks and uncertainties. A number of factors could cause actual conditions, events or results to differ significantly from those described in the forward-looking statements, including general economic conditions, changes in interest rates, regulatory considerations, and competition. The Company's reports filed from time to time with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2007 and the Company's Form 10-Q for the quarter ended September 30, 2008, describe some of these factors. Forward-looking statements speak only as of the date they are made and the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date of the forward-looking statements or to reflect the occurrence of unanticipated events.