Enterprise Financial Services (EFSC) in St. Louis is aiming to repay at least part of the $35 million it received from the Troubled Asset Relief Program by the end of this year.
The $3.2 billion-asset company said in its quarterly filing with the Securities and Exchange Commission that it will seek approval from regulators to redeem "all or part" of preferred stock it issued to the Treasury Department following its annual safety and soundness examination in June.
Enterprise is one of roughly 330 banks still participating in the program that was implemented in late 2008, at the height of the financial crisis. Banks still in the program after five years will see their interest rate on the funds increase from 5% to 9%.
Enterprise, which received its Tarp funds in December 2008, did not say if it would need to raise additional capital to exit the program. The company reported earnings of $6.2 million last quarter, up 50% from the same period last year, and it is considered to be well capitalized, with a total risk-based capital-to-assets ratio of 13.85% at March 31.