First Bancorp in Troy, N.C., has received $63.5 million from the Treasury Department's small-business lending program and has used the funds to exit the agency's Troubled Asset Relief Program.
In a news release Thursday, the $3.3 billion-asset company said that the Treasury still holds a warrant to purchase roughly 616,000 shares of its common stock at a price of $15.82. Its shares currently trade at around $9.30.
Congress created the $30 billion Small Business Lending Fund a year ago to encourage community banks to lend to small businesses and Treasury began doling out the funds in July. As of Aug. 31, 130 banks had been awarded a total of $1.8 billion.