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Banks that still hold Tarp funds face the prospect of dividend rates rising to 9% from 5% at a time when many of those institutions are still struggling.
June 11
Hawthorn Bancshares (HWBK) in Jefferson City, Mo., has completed its exit from the Troubled Asset Relief Program.
The $1.2 billion-asset company paid $540,000 to repurchase the warrant it issued the Treasury Department in December 2008, Hawthorn said Thursday. The warrant gave the Treasury the option to buy more than 287,000 shares of Hawthorn common stock for $15.81 per share. Its shares closed at $11.35 on Thursday.
The repurchase "eliminates potential future shareholder dilution that could have resulted from exercise of the warrant," David Turner, Hawthorn's chairman and chief executive, said in the news release
Hawthorn redeemed the $30.3 million in preferred stock it issued to the Treasury through a
