New Omni Bank Completes Capital Raise Through Emergency Capital Investment Program
New Omni Bank, National Association (“New Omni Bank”) announced that it has received a capital investment of $39.913 million from the United States Department of the Treasury (“Treasury”) through the Emergency Capital Investment Program (“ECIP”).
Through ECIP, Treasury is directly investing up to $9 billion in capital in Community Development Financial Institutions and Minority Depository Institutions “to support the provision of loans, grants, and forbearances for small and minority businesses and consumers in low-income communities.”
New Omni Bank, a minority depository institution, was one of 186 financial institutions and one of five California banks to be approved to receive funds through ECIP. As part of the application process, New Omni Bank demonstrated its commitment to community development services and its lending to low- and moderate-income communities, its prior industry awards for deposit health and safety, and its growth strategy.
"We’ve been tasked with a marvelous mission to grow our footprint and innovate our lending and deposit products. We’ve already started and will be unveiling new business products and treasury management services in the third quarter of 2022.”
New Omni Bank issued 39,913 shares of senior, perpetual, noncumulative preferred stock (the “Series B Preferred Stock”) for the investment. The Series B Preferred Stock has a maximum dividend rate of 2% with no dividend payable for the first 24 months.
