LNB Bancorp, Inc. announced that it has completed the repurchase and redemption of all 9,147 of its outstanding shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series B for an aggregate price of $9,147,000 , the face liquidation amount of the shares, plus approximately $74,000 of accrued but unpaid dividends. In a release on January 17 , the Company noted that the Series B Preferred Stock was originally issued by LNB in December 2008 as part of the U.S. Department of the Treasury's Capital Purchase Program (TARP). Daniel E. Klimas , president and chief executive officer, commented, "We are excited to have completed the retirement of all of the Series B Preferred Stock. As a result of this transaction we have positioned LNB to capitalize on future growth opportunities." LNB Bancorp, Inc. is a bank holding company. More information: www.4lnb.com ((Comments on this story may be sent to email@example.com ))
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