ConnectOne Bancorp in Englewood Cliffs, N.J., has exited the Small Business Lending Fund program.
The $4 billion-asset company redeemed about $11.3 million of preferred stock, according to a Monday news release. ConnectOne had issued the shares to the Treasury Department in September 2011.
ConnectOne funded the redemption from a portion of the proceeds of a
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Roughly 90 banks that participated in the government's lending program still owe money to the Treasury Department and face a massive dividend increase. Many of those could view selling as a better alternative to raising new capital.
March 24 -
ConnectOne Bancorp in Englewood Cliffs, N.J., has issued $50 million in subordinated debt and intends to exit the Small Business Lending Fund program.
July 1 - Iowa
Heartland Financial USA in Dubuque, Iowa, has exited the Small Business Lending Fund.
March 17
ConnectOne faced a
