QCR Holdings (QCRH) in Moline, Ill., has redeemed more preferred stock it issued to the Treasury Department under the Small Business Lending Fund.
The $2.4 billion-asset company said in a press release Monday that it had redeemed $15 million of stock tied to the SBLF. QCR redeemed $10.2 million of preferred stock tied to the program in June 2012.
QCR was originally received $40.1 million in capital from the SBLF in September 2011. The company has $14.9 million of SBLF stock remaining.
"We are quite pleased to have been approved to execute this partial redemption of our SBLF preferred stock," Douglas Hultquist, QCR's president and chief executive, said in the release. "Our goal is to completely redeem [the remaining stock] during 2014."
The company said the redemption, combined with its December conversion of $25 million in preferred stock, will reduce its annual preferred stock dividend commitment by $3.1 million.
