TowneBank in Suffolk, Va., has exited the Small Business Lending Fund program.

The company said in a press release Thursday that it redeemed preferred shares worth $76.46 million that were issued under the program to the Treasury Department.

The SBLF program provides Tier 1 capital to banks with less than $10 billion in assets to encourage small-business lending.

Towne Bank "continues to have capital in excess of the levels necessary to be deemed well-capitalized," the company said in the release.

TowneBank has assets of $5 billion and operates 36 branches in Virginia.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.