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Union Banc Corp. redeems SBLF preferred stock

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Union Banc Corp. redeems SBLF preferred stock

Oxford, N.C.-based UnionBanc Corp. redeemed all its outstanding preferred stock issuedunder the Small Business Lending Fund program, the company said April 8.

The company paid a $6.2 million aggregate redemption price forthe preferred stock, and has now exited the SBLF program as a result. Theredemption price included dividends accrued but unpaid through the redemptiondate.

President and CEO Thomas Combs said in the release that thecompany has increased its SBLF-defined lending to qualified businesses by $33.5million, or 86%, while under the program.