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The Treasury Department is planning to wind down its Troubled Asset Relief Program investments in six financial institutions by auctioning off approximately $358 million in preferred stock and subordinated debt investments.
February 5 -
Carolina Bank Holdings (CLBH) in Greensboro, N.C., has completed its exit from the Troubled Asset Relief Program.
April 19
Carolina Bank Holdings (CLBH) in Greensboro, N.C., has bought back some of the preferred stock it issued through the Troubled Asset Relief Program.
The $669 million-asset company said Wednesday that it redeemed $5 million of shares from individual investors on Aug. 20. The company issued $16 million of shares to the Treasury Department in January 2009. The Treasury
The dividend on the company' remaining Tarp shares will rise to 9% from 5% in January, the fifth anniversary of issuance.
"We are pleased to have completed the repurchase of $5 million of our preferred stock, which should be [12 cents] accretive to our diluted earnings per common share in 2014 based on current interest rates," Robert Braswell, Carolina Bank Holdings' president and chief executive, said in a press release. "The repurchase was made possible by our improved earnings, capital, and asset quality over the past several years."
Carolina Bank paid the Treasury $1.8 million to
