Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.

The $172 million-asset bank paid $3 million, plus accrued dividends and fees through June 23, to redeem 3,000 shares.

Citizens initially issued 4,000 SBLF shares to the Treasury Department in 2011. It now has 1,000 shares in the program outstanding.

The bank did not say when it expects the redemption of the remaining shares.

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