Three banks have redeemed shares of preferred stock to make their exits from the Small Business Lending Fund.

The $4.1 billion-asset Great Southern Bancorp in Springfield, Mo., redeemed about $58 million in preferred shares, plus accrued and unpaid dividends, using available funds. Great Southern was issued the shares in August 2011.

The $842 million-asset Two River Bancorp in Tinton Falls, N.J., repaid $6 million in SBLF preferred stock following the completion of a private debt placement. Two Rivers was issued the SBLF stock in August 2011.

Two River privately placed $10 million in fixed- to floating-rate subordinated notes with institutional investors. The notes, which mature in December 2025, will bear a rate of 6.25% and will pay quarterly until January 2021. At that point the interest rate will adjust to the three-month Libor plus 464 basis points through maturity.

The $415.1 million-asset SBT Bancorp in Simsbury, Conn., also redeemed all of its remaining SBLF preferred stock, totaling about $9.02 million. SBT was also issued its SBLF stock in August 2011.

SBT had previously raised funds through a common stock offering and subordinate debt issuance in part to pay for the SBLF stock redemption. Remaining funds will go toward the company's continued growth, including the opening of a new branch as part of an expansion into the West Hartford, Conn., market.

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