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Summit State Bank (SSBI) in Santa Rosa, Calif., has added Brad Baker to its board.
February 27 -
A fifth of the financial institutions that participated in the Small Business Lending Fund have fully left the program and an increasing number of banks are joining them before the dividend rate jumps to 9% next year.
July 22 -
Citizens Community Bank in South Hill, Va., has redeemed about 75% of its outstanding preferred stock in the Small Business Lending Fund.
June 26
Summit State Bank in Santa Rosa, Calif., has exited the Small Business Lending Fund.
The $492 million-asset bank paid about $1.38 million to redeem 13,750 shares, according to a Wednesday news release. That represented all of Summit's outstanding preferred stock in the SBLF program.
Summit initially issued the SBLF shares to the Treasury Department in Aug. 4, 2011. Summit is the latest bank to exit the SBLF program, as low interest rates give
The SBLF program's dividend rate