First Northern buys back preferred stock
02/14/2013 12:00 AM
02/14/2013 7:44 AM
Dixon-based First Northern Community Bancorp, holding company for First Northern Bank, said it has redeemed $10 million of the $22.8 million in preferred stock it issued in September 2011 to the U.S. Treasury Department under the Small Business Lending Fund.
The SBLF was developed as a voluntary program intended to encourage small-business lending by providing capital to qualified community banks at favorable rates.
First Northern oversees 10 branches, including in Sacramento and West Sacramento.
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