First United in Oakland, Md., will exit the Troubled Asset Relief Program after winning an auction to repurchase a warrant from the U.S. Treasury Department.
The $1.3 billion-asset holding company for First United Bank & Trust won an auction to repurchase a warrant to purchase 326,323 shares of First United's common stock, according to a regulatory filing. First United will acquire the warrant for $120,786. The warrant has a 10-year term an exercise price of $13.79 per share.
First United, the largest bank headquartered in Western Maryland, expects the transaction to close on May 28.