Nicolet Bankshares in Green Bay, Wis., has redeemed about half of its outstanding preferred stock in the Small Business Lending Fund.

The $1.2 billion-asset bank paid $12.2 million, plus accrued dividends and fees, to redeem 12,200 shares.

Nicolet issued 24,400 SBLF shares to the Treasury Department in 2011.

The bank did not say when it plans to redeem the remaining shares.

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