Union First Market Bankshares Corp. in Richmond, Va., said Thursday that it will redeem preferred stock issued to the Treasury Department as part of the Troubled Asset Relief Program.

The $3.9 billion-asset company said that it will pay the Treasury Department about $35.6 million next week. Union First assumed the preferred stock as part of a 2010 merger with First Market Bank.

"The company will continue to look for opportunities to improve shareholder returns either through continued organic growth or through further acquisitions," G. William Beale, president and chief executive of Union First, said.

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