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Bank regulators have lifted a memorandum of understanding against Timberland Bank nearly three years after the bank was hit with the enforcement action.
December 14 -
The Treasury Department plans to auction its remaining stakes in 16 banks as it continues to unwind its holdings from the Troubled Asset Relief Program.
May 30 -
Northwest Bancorp. (NBCT) in Spokane, Wash., has raised $12.5 million after selling common stock and issuing subordinated notes and warrants.
December 12
Timberland Bancorp (TSBK) in Hoquiam, Wash., will buy back its remaining Troubled Asset Relief Program shares for about $12.1 million.
The $745 million-asset company has received approval for the buyback from the Federal Reserve, and expects to redeem the shares at their face value on Friday, it said.
Timberland received $16.6 million through Tarp in December 2008, and the Treasury auctioned the shares last year. Timberland redeemed $4.3 million of shares in March of this year.
"During the last fiscal year, we paid $710,000 in dividends to preferred shareholders. With the dividend rate scheduled to increase to 9% on Dec. 23, 2013, the dividend expense on the preferred shares would have increased to $1.09 million annually," Timberland Chief Executive Michael Sand said in a news release. "The purchase of the preferred shares eliminates this future dividend expense."
Timberland has been gradually recovering after suffering steep losses during the financial crisis. The Federal Deposit Insurance Corp.
Timberland will remain well capitalized following the Tarp redemption, it said. Its bank had a Tier 1 leverage ratio of 11.09% and total risk-based capital of 16.05% as of the end of September, according to data from the FDIC.
