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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 -
The $1.5 billion-asset bank issued $25 million of subordinated notes due 2025 in a private placement. WashingtonFirst used the proceeds to redeem $8.9 million in SBLF preferred shares, which it issued to the Treasury Department in 2011.
October 7 -
Deposit premiums could rise at 20% of banks with up to $10 billion in assets. Many of those banks could rethink asset concentrations that would trigger higher assessments.
July 9
Eagle Bancorp in Bethesda, Md., has redeemed all the shares it accumulated through the Small Business Lending Fund program.
The $5.8 billion-asset company redeemed one group of 56,600 shares preferred stock, as well as a secondary group of 15,300 shares, for a total of about $72 million, including accrued dividends. Eagle used existing funds to finance the redemption.
The larger pool of SBLF shares was issued by Eagle to the Treasury Department in July 2011. The smaller pool was obtained in October 2014 through Eagle's acquisition of
"The SBLF program provided our Company with a great opportunity to enhance our strong capital position and help ensure we could continue to meet the credit needs of businesses in the communities we serve," Chairman and Chief Executive Ron Paul said in a news release.
