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.
-
The former chief executive of a Georgia community bank that participated in the Troubled Asset Relief Program was sentenced to prison and fined $3.9 million for hiding the bank's past-due loans and committing other fraud.
February 26 -
The Treasury Department will invest an additional $2 billion from the Troubled Asset Relief Program into a federal fund that seeks to protect homeowners from foreclosure.
February 22 -
The Treasury Department expects to receive $20.6 million in proceeds from its latest auction of Troubled Asset Relief Program shares.
February 4
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.
