Intervest Bancshares in New York has officially exited the Troubled Asset Relief Program.
The $1.6 billion-asset company paid roughly $2.9 million to buy back the warrant it had issued to the Treasury Department in December 2008. The warrant authorized the Treasury to purchase nearly 692,000 shares of Intervest's common stock at $5.42 each.
Intervest had already repurchased the remaining shares of its Tarp preferred stock.
The company's Tarp exit comes a month after it agreed to sell itself to the $6.3 billion-asset Bank of the Ozarks in a deal that is expected to close in the next six months.
Intervest has a branch in New York and six branches in Florida. Bank of the Ozarks has 164 branches, primarily in the Southeast.