Independent Bank Group in McKinney, Texas, has exited the Small Business Lending Fund program.

The $4.5 billion-asset Independent redeemed $24 million in preferred shares with the Treasury Department, according to a regulatory filing.

Independent obtained the SBLF shares in April 2014, through its acquisition of Bank of Houston and BOH Holdings.

Independent is the latest bank to exit the SBLF program, as the dividend rate on the preferred shares switched to 9% this month, from 1%.

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