Atlantic Bancshares in Bluffton, S.C., has raised about $4 million to redeem shares issued through the Troubled Asset Relief Program.

The $87 million-asset holding company for Atlantic Community Bank closed a capital raise of about $3.56 million on March 4, it said in a press release.

In December 2009 Atlantic issued about $2 million of preferred stock to the Treasury Department as part of Tarp. In 2014, the Treasury auctioned Atlantic's Tarp shares for about $2.3 million to private investors. The preferred shares have paid a 9% dividend since December 2014.

Atlantic Community’s two branches are in Bluffton and Hilton Head Island, S.C.

Community Capital Advisors was financial adviser to Atlantic on the capital raise.

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