First Citizens Banc Corp (FCZA) in Sandusky, Ohio, is planning to exit the Troubled Asset Relief Program.
The $1.1 billion-asset company said in a regulatory filing that it plans to redeem all 23,184 outstanding preferred shares that it issued to the Treasury Department, according to a regulatory filing. Each share will be purchased in mid-February ar a redemption price of $1,012.50.
First Citizens received $23.2 million from the Treasury in 2009. The Treasury auctioned the company's shares in 2012.
The company conducted a $25 million preferred stock offering in December to raise funds for the Tarp exit.