Premier Financial in Huntington, W.Va., is planning to redeem preferred stock tied to the Troubled Asset Relief Program.
The $1.1 billion-asset company said in a Wednesday press release that it received regulatory approval to repurchase 7,000 shares of preferred stock for $7 million. Premier said it expects to redeem the shares by the end of next month.
Premier repurchased 10,252 of the 22,252 originally issued shares in August 2012. Once the latest redemption is completed, the company will still have 5,000 shares of preferred stock outstanding.