SOUTH HILL, Va., March 3, 2016 /PRNewswire/ -- CCB Bankshares, Inc. (the "Company") (OTC Pink CZYB) today announced that it has redeemed the remaining $1.0 million of preferred stock issued to the Department of the Treasury in connection with the Small Business Lending Fund ("SBLF"). The dividend rate on the SBLF preferred stock, which had been 1%, increases to 9% this year. The Company previously repaid $3 million of its $4 million holdings on June 23, 2015. The Small Business Lending Fund was developed under the Small Business Jobs Act in 2010 and made over $40 billion available to banks in the form of affordable capital in order to facilitate small business lending.
President and CEO, James R. Black commented, "We are pleased to announce the exit of the Small Business Lending Fund. The capital was beneficial during its time held and allowed for greater outreach and lending opportunities. With our most recent private placement and the anticipated rate increase in SBLF funding, we are able to refinance our company with a lower cost of capital."
CCB Bankshares, Inc. is a Virginia state chartered bank holding company headquartered in South Hill, Virginia and parent company to Citizens Community Bank. It operates six branches, three in south central Virginia and three in northern North Carolina, as well as a loan production office in North Raleigh, North Carolina. For more information and additional financial data, please visit www.ccbsite.com.
SOURCE CCB Bankshares, Inc.