FNB Bancorp (FNBG) in South San Francisco, Calif., has partially repaid the funds it received under the Treasury Department's Small Business Lending Fund.
The $872 million-asset company repaid about $3.2 million, or 25%, of the $9.5 million it received through the program, FNB said Monday.
"We are pleased to have accumulated sufficient earnings to begin the redemption of our outstanding preferred shares issued to the SBLF," Chief Executive Tom McGraw said in a press release. "Our capital position is strong, and this partial redemption of the SBLF preferred stock fits into our plan to redeem our outstanding preferred stock when it is prudent to do so."
FNB joins a handful of banks that have taken steps to exit the program. Out of a total of 332 participants, a dozen have fully redeemed shares and nine had partially redeemed their shares as of March 15, the Treasury said in its most recent quarterly report. The Treasury has provided more than $4 billion in funding through the program, the report said.