QCR Holdings (QCRH) in Moline, Ill., has redeemed more preferred stock it issued to the Treasury Department under the Small Business Lending Fund.

The $2.4 billion-asset company said in a press release Monday that it had redeemed $15 million of stock tied to the SBLF. QCR redeemed $10.2 million of preferred stock tied to the program in June 2012.

QCR was originally received $40.1 million in capital from the SBLF in September 2011. The company has $14.9 million of SBLF stock remaining.

"We are quite pleased to have been approved … to execute this partial redemption of our SBLF preferred stock," Douglas Hultquist, QCR's president and chief executive, said in the release. "Our goal is to completely redeem [the remaining stock] during 2014."

The company said the redemption, combined with its December conversion of $25 million in preferred stock, will reduce its annual preferred stock dividend commitment by $3.1 million.

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