Sandy Spring Bancorp Inc. in Olney, Md., redeemed the remaining $41.5 million of preferred stock held by the Treasury Department.

The $3.6 billion-asset company said Wednesday that it paid $41.7 million to exit the Troubled Asset Relief Program, including $173,112 of accrued and unpaid dividends. The company initially received $83 million in proceeds, but repaid half of the Tarp investment on July 21.

Sandy Spring said it intends to seek an agreement with the Treasury to repurchase the warrants issued for up to 651,547 shares, which have an exercise price of $19.13, at fair market value.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.