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First Partners Bank in Birmingham, Ala., and Highlands Bancorp in Vernon, N.J., have both issued subordinated debt, as part of their plans to exit the Small Business Lending Fund program.
October 21 -
Westamerica Bancorp. will close its branch in Upper Lake, Calif., after a failed effort to find another financial institution to take over the branch.
October 15 -
The board of First Northern Community Bancorp in Dixon, Calif., has elected new leadership.
May 22
First Northern Community Bancorp in Dixon, Calif., has exited the Small Business Lending Fund.
The $1 billion-asset bank has redeemed the $12.8 million of preferred shares held by the U.S. Treasury Department.
Louise Walker, First Northern's chief executive, praised the SBLF fund.
“First Northern Bank had tremendous success with the program, growing its qualifying SBLF loans in excess of 10%,” Walker said in a news release.
“Our financial strength has allowed us to self-fund this final redemption of our SBLF capital while continuing to have capital in excess of the levels necessary to be deemed well-capitalized,” she said.
The holding company for First Northern Bank issued its original 22,847 shares to Treasury in September 2011 for $1,000 per share, according to a
Many small banks have exited the SBLF program recently as low interest rates are providing
