First Colebrook Bancorp in Colebrook, N.H., has raised $5 million to exit the Small Business Lending Fund.
The $269 million-asset parent of Granite Bank said in a press release that it sold 250,000 shares of common stock at $20 each. The proceeds will be used to redeem the remaining preferred stock it issued to the Treasury Department tied to the SBLF program, and for general corporate purposes that include providing capital for Granite Bank.
First Colebrook received $8.6 million when it entered the SBLF in 2011. At the time, the company used part of the funds to retire preferred stock it issued in 2009 under the Troubled Asset Relief Program.