United Bancshares Inc. of Columbus Grove, Ohio, said Monday that it is seeking to withdraw its application to participate in the Treasury Department's Capital Purchase Program.

Daniel W. Schutt, United Bancshares' president and chief executive, wrote in a letter to the agency that his company did not receive the requisite two-thirds shareholder approval at its annual meeting to issue a new class of preferred stock.

"Without this amendment, the company is not authorized to issue the preferred stock necessary to consummate a transaction with Treasury under the CPP," Schutt said.

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