Question-and-Answer Session
Operator
(Operator instructions). We go to Jason O'Donnell of Boenning & Scattergood Inc.
Jason O'Donnell – Boenning & Scattergood Inc.
Good morning, gentlemen.
Robert Davis
Hey, good morning, Jason
Edward Barrett
Good morning, Jason
Jason O'Donnell – Boenning & Scattergood Inc.
Just a few questions here this morning. On the loan side, with respect to the $25 million commercial loan that you participated out, do you plan on continuing or discontinuing that type of activity post the capital raise?
Robert Davis
Yes, I think it was a one-time event.
Edward Barrett
And Jason, just to go further, we would look to replace those loans either as a – to look into participation market to get the same type of quality loans to build our loan portfolio, and we look to that over certainly the fourth and into the first quarter after the capital raise.
Robert Davis
I agree with everything. Ed said obviously, but as I referenced in my remarks is our pipeline is incredibly strong. So we maybe able to just originate those without the participations given the strong pipeline.
Jason O'Donnell – Boenning & Scattergood Inc.
Okay, great. Also, with respect to the capital give a sense when that when you expect to receive the $25 million from the capital purchase program?
Robert Davis
Ed can follow-up with a comment, Jason. This is Bob. It's that we have taken a look at the time line, really concurrent activities filed with the, make the application go through the regulatory bodies which we expect their support and then look for treasury approval, and November, running concurrent with that as it go to our shareholders to improve the preferred stock offering, expect those as I say concurrent activities and actually close on the capital in December.
Edward Barrett
Jason, I think as I mentioned, the fluid situation, the investment document is not available at least as of yesterday it wasn't. So even the Nine [ph] who have been announced that I understand have not been funded yet. One of the issues that Bob said we don't have today a preferred stock authorized so we need to go through stock regulator approval to authorize the preferred and that's in motion, but we will anticipate based on everything we know that we would close the capital in the fourth quarter.
Jason O'Donnell – Boenning & Scattergood Inc.
Okay, great. And do you have any data for us regarding the capital position at the end of the quarter and kind of where you expect that to move to maybe in terms of total capital ratio?
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