May 7 - FNB Bancorp, South San Francisco, (OTCQB: FNBG) has repaid 25 percent or $3.15 million of its outstanding preferred shares that had been issued to the United States Treasury Department through the Small Business Lending Fund. The company continues to have $9.45 million in preferred shares issued and outstanding through this program.
"We are pleased to have accumulated sufficient earnings to begin the redemption of our outstanding preferred shares issued to the SBLF. Our capital position is strong, and this partial redemption of the SBLF preferred stock fits into our plan to redeem our outstanding preferred stock when it is prudent to do so. We are committed to growing our organization and building a capital base that is sufficient to withstand the economic downturns when they occur," stated Tom McGraw, CEO.
FNB Bancorp is the sole shareholder of First National Bank of Northern California. For more information regarding the company or the bank, please visit our website located at www.fnbnorcal.com.