Crazy Woman Creek Bancorp in Buffalo, Wyo., has exited the Troubled Asset Relief Program.
The $120 million-asset company said Wednesday that it had redeemed the remaining Tarp shares it issued to the Treasury Department in February 2009. Included in the transaction were 2,100 preferred Series A shares and 155 Series B shares.
The company originally issued 3,100 shares of Series A and 155 shares of Series B stock to the Treasury. It redeemed a portion of the shares on Jan. 8.
"This final redemption and subsequent exit from the program brings to close an important strategy for our institution," Paul Brunkhorst, the company president and chief executive, said in a press release.
Crazy Woman Creek said in the release that exiting Tarp was one of its 2014 goals, due to a scheduled increase in the program's dividend rate.
Additionally, the company announced that it converted to a state-chartered bank and holding company on June 5.
"With the conversion, we anticipate a substantial reduction in bank assessment costs along with increased flexibility across all bank operations," Brunkhorst said.
Crazy Woman Creek is the parent company of Buffalo Federal Bank, which has four branches in Wyoming.