Lakeland Bancorp makes $20M partial payment to Treasury Lakeland Bancorp announced that it redeemed $20M of the company's outstanding $39M in Fixed Rate Cumulative Perpetual Preferred Stock, Series A that was issued to the U.S. Department of the Treasury under the Capital Purchase Program on February 6, 2009, thereby reducing Treasury's investment in the Preferred Stock to $19M. The Company paid approximately $20.1M to the Treasury to repurchase the Preferred Stock, which included payment for accrued and unpaid dividends for the shares. This second repayment, or redemption, of Preferred Stock will result in annualized savings of $1.2M.
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