Colony Bankcorp in Fitzgerald, Ga., has redeemed about a quarter of its shares in the Troubled Asset Relief Program.

The $1.1 billion-asset company redeemed about $5.1 million of preferred stock, according to a Thursday news release. Colony still has about $18 million in Tarp shares remaining. The company said it plans to redeem additional shares in 2016, pending regulatory approval.

The Tarp shares redemption will be immediately accretive to earnings, Chief Executive Ed Loomis said in the release.

Colony initially issued $28 million of Tarp shares to the U.S. Treasury Department in 2009. The bank redeemed about a fifth of those shares in August.

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