Highlands Bancorp in Vernon, N.J., has raised $7.5 million to exit the Small Business Lending Fund.
The $320 million-asset company said in a press release Wednesday that it redeemed all of the preferred stock it issued to the Treasury Department in association with the program.
Highlands funded the redemption with the proceeds from an October subordinated debt issuance. The aggregate redemption price of the preferred stock was about $7 million, including dividends accrued but unpaid through the redemption date.
FIG Partners was the placement agent and Windels Marx was legal counsel for Highlands.