First SBLF Disbursements Announced

July 12, 2011

Authored by: Bryan Cave

On Thursday, July 7, 2011, Treasury announced that two community banks and four holding companies have received the first $123 million in capital disbursements under the Small Business Lending Fund (SBLF).  The investments closed between June 21 and July 6, according to Treasury’s SBLF Transactions Report, and involved the following participants and amounts:

  • Community Trust Financial Corporation (Ruston, Louisiana) – $48.3 million
  • Level One Bancorp, Inc (Farmington Hills, Michigan) – $11.3 million
  • Pioneer Bank, SSB (Drippings Springs, Texas) – $3.0 million
  • ServisFirst Bancshares Inc. (Birmingham, Alabama) – $40.0 million
  • U&I Financial Corp (Lynnwood, Washington) – $5.5 million
  • Virginia Heritage Bank (Fairfax, Virginia) – $15.3 million

Treasury promises additional disbursement announcements in coming weeks.  As for the first wave of funding, the largest investment of $48.3 million was made in Community Trust Financial Corporation, Ruston, Louisiana, the $1.89 billion-holding company for the Louisiana-chartered Community Trust Bank.  This is also the only CPP/CDCI participant among the first-wave SBLF recipients.  At the other end of the spectrum, Pioneer Bank, SSB, a $106 million-Texas thrift, received $3 million.