On the Company redeemed all shares of its Senior Non-Cumulative Perpetual Preferred Stock, Series A, issued to the U.S. Treasury Department on for in the aggregate, including accrued dividends.

 

The Preferred Stock, Series A, was issued pursuant to the Treasury’s Small Business Lending Fund program, a billion fund established under the Small Business Jobs Act of which encourages lending to small businesses by providing capital to qualified community banks with assets of less than billion. The Series A Preferred Stock was entitled to receive non-cumulative dividends payable quarterly on each and commencing The dividend rate, which was calculated on the aggregate Liquidation Amount, was initially set at per annum based upon the current level of “Qualified Small Business Lending” (“QSBL”) by the Bank. The dividend rates for subsequent dividend periods were based upon the percentage change in qualified lending between each dividend period and the baseline QSBL level established at the time the Agreement was effective and would have increased to in Such dividend rate was per annum throughout its period outstanding based on the QSBL by the Bank.