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.