FirstSouth Bancorp in Lexington, Tenn., has repaid the $50 million it had received from the Treasury Department under the Troubled Asset Relief Program.
The $2.2 billion-asset company received the funds in July 2009. It was able to complete the repayment without issuing stock or debt, Chris Holmes, president of FirstBank, said in a press release Friday.
Within the last year, FirstBank has made plans to add four new branches in Tennessee, hired several executives in the Nashville area and hired Holmes as its president. Holmes succeeded Doug Cruickshanks, who became the company's vice chairman.