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 Virginia Heritage Bank in Vienna.
"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.