Ameris Bancorp (ABCB) in Moultrie, Ga., has received regulatory approval to buy back its remaining preferred stock tied to the Troubled Asset Relief Program.
The $3.7 billion-asset company said in a regulatory filing Friday that the Federal Reserve Board will allow it to redeem 28,000 shares of preferred stock with a liquidation value of $1,000 each. Dividends are accruing at a 9% rate.
Ameris originally issues the shares were originally issued to the Treasury Department in November 2008. The Treasury sold the shares to private investors in June 2012 through a public offering.
The company said it plans to repurchase the shares during the first quarter.