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.