CoBiz Financial Inc. said Monday that it was initially approved for as much as $57.4 million from the Small Business Lending Fund program — the second highest amount approved to date.

The Denver company intends to use funds to redeem its $64.5 million of preferred stock outstanding from the Troubled Asset Relief Program. CoBiz said it expects to close this agreement with the Treasury Department within 30 days.

CoBiz's award fell shy of the $57.9 million offered to Great Southern Bancorp Inc. of Springfield, Mo., last week.

Also on Monday, Citizens South Bank Corp. in Gastonia, N.C., said it was approved for up to $20.5 million from the fund, allowing it to exit Tarp.

The Treasury has dispersed more than $1 billion to 80 banks from the $30 billion fund. The program expires Sept. 27.

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