Carolina Bank Holdings (CLBH) in Greensboro, N.C., has completed its exit from the Troubled Asset Relief Program.
The $692 million-asset company said Friday that it had paid $1.8 million to redeem a warrant it issued the Treasury Department in January 2009, along with preferred stock, for $16 million in Tarp funds. The deal, completed in February, ended the company's Tarp participation.
The warrant gave Treasury the right to buy 357,675 shares of the company's common stock at $6.71 a share. The agency sold its preferred shares in Carolina Bank to private investors during the first quarter, according to the company's latest annual filing.
"We can now concentrate more on managing the bank to the benefit of our shareholders," Robert Braswell, Carolina Bank's chief executive, said in a press release.
