Another bank has gained approval to participate in the Small Business Lending Fund.
Pioneer Bank in Dripping Springs, Texas, said it was cleared to receive about $3 million from the program, according to Monday's online edition of the Austin Business Journal. The $106.4 million-asset bank is expected to swap preferred stock for SBLF funds.
"The types of loans promoted by the SBLF are a significant part of Pioneer Bank's lending strategy," Jeff Wilkinson, the bank's president and chief executive, told the publication.
First California Financial Group Inc. in Westlake Village and Eagle Bancorp Inc. Bethesda, Md., have also received preliminary approval to participate in the program.