Horizon Bancorp in Michigan City, Ind., said it has repurchased 25% of its preferred stock under the Troubled Asset Relief Program.

The $1.49 billion-asset company said in a Friday filing with the Securities and Exchange Commission that it paid the Treasury Department $6.25 million for 6,250 shares of preferred stock. Eliminated dividends on the stock should reduce annual expenses by $312,500, Horizon said.

Horizon said it plans to repurchase the remaining Tarp shares over the next three years.

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