Shareholders of Simsbury Bank & Trust Co. have approved the issuance of preferred stock that opens the Farmington Valley lender to receive $4 million under the U.S. Treasury’s capital purchase program.
The bank’s parent, SBT Bancorp Inc., said shareholders voted to change the bank holding company’s charter to permit the issuance of preferred stock. The $241 million-asset lender was founded in 1995.
“We are committed to fulfilling our mission as a reliable source of loans, deposits and investment services to businesses and households in our market during these very difficult times,” said Martin J. Geitz, SBT president and chief executive.
Simsbury Bank recently reported lower fourth-quarter income and a loss for 2008.
The bank has said that even without the federal infusion, it is well capitalized by regulatory standards.
