Pulaski Financial (PULB) in St. Louis has repurchased almost a quarter of the preferred stock it had issued to the Treasury Department under the Troubled Asset Relief Program and that was subsequently sold to private investors in an auction.

The $1.3 billion-asset company said Wednesday that it purchased the stock for $6.6 million, representing a 7.2% discount to face value, using available cash. Pulaski is working to repurchase the remaining preferred securities prior to January 2014, when the dividend rate will increase from 5% to 9%, Gary Douglass, president and chief executive, said in a news release.

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