First Citizens Banc Corp (FCZA) in Sandusky, Ohio, has exited the Troubled Asset Relief Program.

First Citizens paid roughly $23 million to redeem all 23,184 outstanding shares of preferred stock issued to the Treasury Department in 2009 under the Tarp program. The Treasury auctioned the shares to private investors in September 2012.

"We are pleased to have completed the redemption of all of the Series A Preferred Stock," James Miller, First Citizens' president and chief executive, said in a Tuesday press release. "This represents the final step in the transition from the TARP program."

The $1.2 billion-asset First Citizens raised $25 million in December to buy back its Tarp shares.

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