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%.

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