Hamilton State Bancshares Inc. in Hoschton, Ga., said Friday that it completed a cash tender offer, repurchasing $1.5 million of its common stock.
The amount represented roughly a third of the $4.2 million in stock the company had targeted when it announced the plan last month. Shareholders tendered 230,761 shares at a price of $6.50 a share.
The buyback followed a $231.6 million capital raise in March that included affiliates of Angelo, Gordon & Co. and Tailwind Capital Group LLC. Hamilton subsequently exited the Troubled Asset Relief Program and its bank bought a failed bank the next month. In June, Hamilton State Bank acquired its second failed bank, McIntosh State Bank in Jackson, Ga.
The $948 million-asset Hamilton State added more than $670 million in assets from both acquisitions.