Associated Banc-Corp in Green Bay, Wis., has repaid half of the $525 million it obtained from the Troubled Asset Relief Program.

The $22 billion-asset company said late Wednesday that it had paid the Treasury Department about $262.5 million to repurchase 262,500 shares of preferred stock. Associated also paid a $1.9 million accrued dividend.

On March 28, Associated sold $300 million of senior notes, a portion of which was used to buy back the Tarp shares.

After the debt offering and partial Tarp repayment, the company had a 12.2% leverage ratio, a 15.64% Tier 1 risk-based capital ratio, and a 17.1% total risk-based capital ratio.

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