Lake Sunapee Bank announces redemption of remaining SBLF preferred shares.
Global Banking News-December 4, 2015--Lake Sunapee Bank announces redemption of remaining SBLF preferred shares
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Global Banking News - 04 December 2015
Lake Sunapee Bank Group (NASDAQ: LSBG), the holding company for Lake Sunapee Bank, fsb, has said that it has redeemed the remaining USD8m of its outstanding preferred securities issued under the U.S. Treasury's Small Business Lending Fund programme.
The redemption was funded with retained earnings. Following the redemption, the company has no preferred securities outstanding under the SBLF programme.
Stephen R. Theroux, president and chief executive officer, said, 'Our participation in the SBLF program provided the opportunity to enhance our lending to small businesses throughout our markets in New Hampshire and Vermont. Under the program, we were able to increase our small business lending by more than 40 percent, funding more than USD120m in qualified small business loans during the initial measurement period, without placing pressure on our underlying capital levels. As we exit the program, we reflect on the SBLF program as a success for the Company, the Bank, our customers, and our stockholders.'
Lake Sunapee Bank Group is the holding company of Lake Sunapee Bank, fsb, a federally chartered savings bank that provides a wide range of life-cycle banking and financial services. Lake Sunapee Bank Group, through its direct and indirect subsidiaries, operates 30 offices in New Hampshire in Grafton, Hillsborough, Merrimack and Sullivan counties and 16 offices in Vermont in Orange, Rutland and Windsor counties.
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