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Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.
June 26 -
Long proven popular in countries like the U.K., prize-linked accounts recently became legal for banks to offer in some states in the U.S. Blue Ridge Bank in Virginia is early to the market with a product that gives depositors a chance to win $200 monthly for every $25 they save.
August 13 -
A fifth of the financial institutions that participated in the Small Business Lending Fund have fully left the program and an increasing number of banks are joining them before the dividend rate jumps to 9% next year.
July 22
Blue Ridge Bankshares in Luray, Va., has issued $10 million in subordinated debt and plans to exit the Small Business Lending Fund.
The $247 million-asset company issued 6.75% fixed-to-floating rate notes due 2025 in a private placement to institutional investors. The offering closed Monday.
Blue Ridge plans to use the proceeds to redeem its $4.5 million of SBLF preferred stock, which it issued to the Treasury Department in August 2011. The remaining proceeds will be used for "organic growth and potential strategic opportunities," Brian Plum, chief executive, said in a news release.
Sandler O'Neill was placement agent on the offering. Covington & Burling and LeClairRyan were legal advisers to Blue Ridge.