Banner Corp. (BANR) in Walla Walla, Wash., will buy back preferred shares from investors who purchased them from the Treasury Department in March.

The $4.2 billion-asset company plans to repurchase the roughly 30,000 shares in December for about $30.2 million, Banner said Wednesday. The Treasury acquired the shares through its Troubled Asset Relief Program and sold them through a modified Dutch auction as part of its ongoing effort to wind down Tarp. Banner had previously repurchased from investors the other roughly 94,000 preferred shares that it had issued under Tarp.

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