Origin Bancorp Inc. redeemed completely the outstanding shares of its senior non-cumulative perpetual preferred stock through the small business lending fund at $1,000 per share, or a total of about $49.1 million.
The redemption marks the company's exit from the U.S. Treasury Department's Small Business Lending Fund program, under which it had issued the stock in July 2011.
In addition, Origin converted all 901,644 shares of its outstanding series D preferred stock into common shares on a one-for-one basis, effective June 8.
