-
First United in Oakland, Md., will exit the Troubled Asset Relief Program after winning an auction to repurchase a warrant from the U.S. Treasury Department.
May 21 -
Eastern Virginia Bankshares in Tappahannock has repurchased a warrant from the Treasury Department tied to the Troubled Asset Relief Program.
May 14 -
The South Carolina bank has been shedding assets in recent months after suffering millions of dollars in losses in recent years. The bank ousted its management team last year due to poor financial performance and conflicts with investors.
June 1
A Tennessee community bank investor has acquired a majority stake in AB&T Financial in Gastonia, N.C.
Byron DeFoor of Ooltewah, Tenn., directly invested $3.5 million in AB&T and
Additionally, DeFoor named Alan Smith chairman of both AB&T and Alliance Bank & Trust, and named Craig Taylor vice chairman of the bank and holding company.
DeFoor is also the majority owner of the $126 million-asset Community Trust & Banking in Ooltewah.
Community Capital Advisors was the financial adviser on the transaction. Wyrick Robbins Yates & Ponton was legal adviser to AB&T, and Miller & Martin was DeFoor's legal adviser.
Separately, AB&T also said on Friday that it has raised $7.8 million of common equity in a private placement. AB&T did not disclose the identity of the private investors and said it plans to use the proceeds to bolster its capital.
