Pathfinder Bancorp in Oswego, N.Y., has exited the Small Business Lending Fund program.
The $623 million-asset Pathfinder redeemed all its outstanding preferred stock for about $13 million, according to a Wednesday regulatory filing. It funded the redemption with proceeds from a recent stock offering and a subordinated debt issuance, as well as retained earnings.
Pathfinder originally issued the shares to the Treasury Department in September 2011. Last year Pathfinder completed a second-step conversion and dissolved its mutual holding company.