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Bankwell Financial Group in New Canaan, Conn., has issued $25.5 million in subordinated debt and it plans to exit the Small Business Lending Fund program.
August 19 -
First Resource Bank in Exton, Pa., has redeemed most of its Small Business Lending Fund preferred shares.
November 20 -
Liberty Bank in Middletown, Conn., has agreed to buy Naugatuck Valley Financial in Naugatuck, Conn.
June 4
Bankwell Financial Group in New Canaan, Conn., has exited the Small Business Lending Fund.
The $1.2 billion-asset company has redeemed the $10.9 million of preferred shares held by the U.S. Treasury Department, plus accrued dividends. It funded the redemption from a $25.5 million
Bankwell issued the 10,980 shares to Treasury in August 2011 for $1,000 per share.
Many small banks have exited the SBLF program recently because low interest rates are making it more affordable for banks to redeem shares.
