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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