First Resource in Pa. Exits SBLF

First Resource Bank in Exton, Pa., has redeemed its remaining preferred shares tied to the Small Business Lending Fund.

The $208 million-asset bank redeemed $1.3 million of shares, according to a news release Tuesday, a day after the transaction closed. It had redeemed $3.8 million of shares in November. It issued all of its preferred shares to the Treasury Department in September 2011.

About a year ago First Resource's board decided to exit the SBLF in advance of a dividend-rate increase to 9% from 1% set to take effect this month, Chief Executive Glenn Marshall said in the release. It will benefit "from the simplified, more efficient capital structure now in place," he said.

For reprint and licensing requests for this article, click here.
Community banking Capital M&A Pennsylvania
MORE FROM AMERICAN BANKER