Citizens Bancshares in Atlanta is making progress exiting the Troubled Asset Relief Program.

The $407 million-asset company said in a press release Thursday that it paid about $4.2 million to redeem roughly 4,400 shares of preferred stock from the Treasury Department, representing a $152,000 discount. The company also paid about $11,000 to resolve all accrued and previously unpaid dividends.

The Treasury still holds about 7,500 shares of Citizens' preferred stock.

"We are pleased that our capital position provides us with the capability to repurchase our series C preferred securities … at a discount, which reinforces our commitment to creating sustained long-term shareholder value," Cynthia Day, the company's president and CEO, said in the release. "Our capital ratios after the repurchase continue to exceed the requirements for well-capitalized banks."

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