Xenith Bankshares Receives $8.4M of Capital from U.S. Treasury's Small Business Lending Fund
Xenith Bankshares, Inc. (NASDAQ: XBKS), parent company of Xenith Bank, today announced that it has received a capital investment of $8,381,000 from the United States Department of the Treasury under the Small Business Lending Fund.
The company issued shares of a newly-authorized class of preferred stock, designed as Senior Non-Cumulative Perpetual Preferred Stock, Series A, to the U.S. Treasury in exchange for the capital investment. The SBLF is a $30 billion voluntary program established under the Small Business Jobs Act of 2010 created to encourage lending to small businesses by providing capital to qualified banks at favorable dividend rates.
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