The parent of Simsbury Bank & Trust has repaid U.S. taxpayers the $9 million borrowed four years ago as capital to finance small-business loans in its turf.
SBT Bancorp Inc. said Friday its board of directors voted to follow through with its previously announced plan to redeem all 9,000 outstanding shares of its series C preferred shares issued to the U.S. Treasury Department in August 2011 as part of the bank’s participation in the agency’s Small Business Lending Fund.
The redemption effectively ends $415 million-asset Simsbury Bank’s participation in the program, CEO and president Martin J. Geitz said.
SBT acquired funds to repay taxpayers and finance opening of a proposed West Hartford branch through its $15 million recapitalization in November.
