Jacksonville Corporate Law Attorney Bob Shaffer and David Jeans of Reznicsek, Fraser, White & Shaffer, P.A. recently closed a transaction for a mutual holding company subsidiary holding company of a bank. The transaction involved the issuance of $20 million worth of Series A Preferred Stock to the United States Secretary of Treasury under the Small Business Lending Fund (SBLF). The SBLF is a new program offered by the Treasury and is designed to incentivize banks to lend capital to small businesses. The transaction was unique in that it was the first closing under the SBLF in the State of Florida and it was the first in the nation for a mutual holding company subsidiary holding company.
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