Tri-County Financial Corp. in Waldorf, Md., said Friday that its board authorized the repurchase of up 1% of its common stock.

The $839 million-asset company was prohibited from repurchasing stock in late 2008 when it sold $15.5 million in preferred stock to the Treasury Department under the Troubled Asset Relief Program.

Tri-County said in a press release that it received Treasury approval on Nov. 3 for repurchases. The company said it could repurchase more than 39,000 shares "from time to time depending on market conditions and other factors."

Based on Friday's closing price of $18 a share, the repurchase program could cost Tri-County about $700,000.

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