Codorus Valley Bancorp in York, Pa., repurchased a warrant to buy more than 260,000 it issued to the Treasury Department in 2009 as part of its participation in the Trouble Asset Relief Program.
In a filing with the Securities and Exchange Commission on Thursday, Codorus, the parent of PeoplesBank, said it repurchased the warrant for more than $526,000. According to a securities filing from January 2009, the company sold the Treasury Department 16,500 shares of preferred stock and a warrant to purchase up to 263,859 shares of common stock for $16.5 million in cash.
The $975 million-asset company received $17 million in January 2009 under TARP and repaid the debt in August out of the $25 million it received from the Treasury's Small Business Lending Fund.
