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First Resource Bank in Exton, Pa., plans to raise $6 million through a combination of common stock and subordinated debt to raise funds to redeem most of its Small Business Lending Fund preferred shares.
June 2 -
Mid Penn Bancorp in Millersburg, Pa., plans to exit the Small Business Lending Fund program and redeem a separate pool of preferred stock through an upcoming debt sale.
November 11 -
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
First Resource Bank in Exton, Pa., has redeemed most of its Small Business Lending Fund preferred shares.
The $200 million-asset bank redeemed $3.8 million shares, representing 75% of its outstanding preferred SBLF stock, according to a Thursday news release. The transaction closed on Tuesday.
The redemption was funded through the issuance of $2 million in common stock and $4 million in subordinated debt. The notes
First Resource originally issued its $5.1 million pool of SBLF shares to the Treasury Department in September 2011.
First Resource did not disclose its timetable for redeeming its remaining $1.3 million of SBLF stock.
