Liberty Shares in Hinesville, Ga., has raised $26 million in capital to exit the Troubled Asset Relief Program.
The $535 million-asset parent of Heritage Bank said in a press release Thursday that it sold 3.5 million shares at $7.50 each.
Kenneth Lehman, a former lawyer who buys large stakes in community banks, was among the investors to participate in the offering.
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Roughly 20 banks still have capital from the crisis-era program. Most are way behind on dividend payments and have limited options to raise capital to repay the Treasury Department.
August 20 -
The recently rebranded California International Bank has stiffed the government on 30 dividend payments and has spurned a request to let Treasury officials observe its board meetings. There is some optimism; a Vietnamese businessman was approved to take over control after injecting $4.5 million in capital into the bank.
June 24 -
Four Oaks Fincorp has added a pair of directors with close ties to the Four Oaks, N.C., company.
March 27
Liberty, which received $17.3 million from the Treasury Department in February 2009 and is one of a handful of banks that still owes the agency money, is behind on 23 dividends totaling $6.8 million.
“We intend to use some part of our capital raise to address our Tarp issue and exit the program completely,” Brian Smith, the company's interim chairman, president and chief executive, said in an interview.
