First Southern Bancorp Inc. has paid the Treasury Department $11.5 million, repurchasing all of its outstanding preferred stock in the Troubled Asset Relief Program.
The Boca Raton, Fla., parent company of the $453.2 million-asset First Southern Bank is among only three banks in Florida that have fully repaid their Tarp funds. First Southern's repurchase, announced Friday, included a final dividend payment of $51,000, and a total of about $818,000 in dividend payments.
First Southern's chairman and chief executive, J. Herbert Boydstun, said in a press release that a $400 million capital-raising effort in February positioned it to acquire failed banks and repay the Tarp investment.
The Treasury invested $314.6 million via Tarp with 23 Florida banks since the program began. The other Florida banks that have fully repaid Tarp funds are 1st United Bancorp Inc. of Boca Raton and Centerstate Banks of Florida Inc. in Davenport.