Birmingham Bloomfield Bancshares in Birmingham, Mich., has redeemed its shares in the Small Business Lending Fund and exited the program.
The $235 million-asset holding company for Bank of Birmingham redeemed its SBLF shares for about $4.6 million, according to a Wednesday news release. The company issued the shares to the Treasury Department in July 2011.
"The SBLF program was a good opportunity for the Bank during a difficult economic period," Chief Executive Rob Farr said in the release. "It allowed us to access additional capital at an attractive cost to help support our continued growth."
Birmingham Bloomfield obtained a 10-year, fully amortized debt facility to fund the redemption. The debt facility carries a fixed 3.9% rate until 2020. Birmingham Bloomfield did not identify the provider of the debt facility.