By Jasmine Castroverde
First Bancorp, the parent of Southern Pines, N.C.-based First Bank, redeemed on Oct. 16 the remaining $31.5 million, or 31,500 shares, of its outstanding series B noncumulative perpetual preferred stock, according to a Form 8-K filed the same day.
The shares had been issued to the U.S. Secretary of the Treasury in September 2011 in connection with the company’s participation in the Small Business Lending Fund. They were redeemed from the existing capital of First Bancorp at their liquidation value of $1,000 per share plus accrued dividends.
With this redemption, First Bancorp has redeemed all of its outstanding SBLF stock.