Avidbank Holdings (AVBH) in Palo Alto, Calif., has completed the redemption of its Troubled Asset Relief Program stock.
The $416 million-asset company redeemed $6 million worth of preferred stock it issued to the Treasury Department in 2009, it announced Thursday. Avidbank funded the redemption with a $16 million private offering to institutional investors, which closed in June.
"Although the Tarp funds have assisted us during the challenging economic times of 2008 and beyond, we are pleased to have the growth opportunities and the investor and market support to allow us to repay this obligation to the government," Mark Mordell, Avidbank's chairman and chief executive, said in a press release.
Avidbank said had a Tier 1 leverage ratio of 10.98% and total risk-based capital of 15.04% at June 30.