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Roughly 20 banks still have capital from the crisis-era program. Most are way behind on dividend payments and have limited options to raise capital to repay the Treasury Department.
August 20 -
Farmers Capital Bank in Frankfort, Ky., has completed the redemption of its Troubled Asset Relief program preferred shares for about $10.1 million.
June 9 -
The Treasury Department plans to auction its remaining stakes in 16 banks as it continues to unwind its holdings from the Troubled Asset Relief Program.
May 30
Colony Bankcorp in Fitzgerald, Ga., has redeemed about 17% of its Troubled Asset Relief Program preferred shares for about $4.3 million.
The $1.1 billion-asset company initially issued 28,000 shares of cumulative perpetual preferred stock in 2009, as part of Tarp. Colony redeemed 4,833 of those shares, which were owned by private investors.
The redemption will be immediately accretive to earnings, Ed Loomis, chief executive, said in a news release.
Colony intends seek regulatory to redeem additional shares, which carry a dividend rate of 9%.
