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FNLC > SEC Filings for FNLC > Form 8-K on 8-May-2013All Recent SEC Filings

Show all filings for FIRST BANCORP, INC /ME/ | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Financial Statements and Exhi

Item 1.01 Entry into a Material Definitive Agreement.

Pursuant to a Letter Agreement with the United States Treasury dated May 8, 2013, The First Bancorp, Inc., a Maine corporation (the "Company"), has repurchased $10.0 million of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share. This stock was issued to the United States Treasury on January 9, 2009 under its Capital Purchase Program. The repurchase transaction was approved by the Federal Reserve Bank of Boston, the Company's primary regulator, based on the Company's projected capital ratios and needs.

With this transaction, the Company has repurchased all of the Fixed Rate Cumulative Perpetual Preferred Stock, Series A, that was issued to the United States Treasury in 2009. In conjunction with the 2009 preferred stock issuance, the Company also issued a Warrant to the United States Treasury, exercisable for up to 225,904 shares of Common Stock at an exercise price of $16.60 per share. The Warrant was unchanged as a result of this repurchase transaction and remains outstanding.

Based on the Company's March 31, 2013 capital levels, the leverage capital ratio declines to 8.47% from 9.19% before the repurchase. The tier one risk-based capital ratio drops from 16.05% to 14.79% and the total risk-based capital ratio drops from 17.31% to 16.05%. These are all well above the FDIC minimum requirements of 5.00%, 6.00% and 10.00%, respectively, to be considered "well-capitalized". The following table presents the Company's actual capital ratios as of December 31, 2012 and pro-forma capital ratios after the repurchase:

                                          Actual          Pro-Forma After          FDIC
                                    Before Repurchase       Repurchase       Well-Capitalized
Tier One Capital                   $      127,472,000   $    117,472,000
Total Capital                             137,433,000        127,433,000
Average Assets for Leverage Ratio       1,386,864,000      1,386,864,000
Risk-Based Assets                         794,144,000        794,144,000

Leverage Capital Ratio                           9.19 %             8.47 %            5.00 %
Tier One Risk-Based Capital Ratio               16.05 %            14.79 %            6.00 %
Total Risk-Based Capital Ratio                  17.31 %            16.05 %           10.00 %


(d) Exhibits

No. Description

10.1 Letter Agreement, dated May 8, 2013, between the Company and the United States Department of the Treasury for the repurchase of 10,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share.

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