Uwharrie Capital Corp. (UWHR) in Albemarle, N.C., has repaid more than three-fourths of the money it took through the Troubled Asset Relief Program.
On April 3, Uwharrie redeemed $7.7 million of the $10 million of preferred shares it issued to the Treasury Department as part of the Tarp program in December 2008, the $541 million-asset company said last week in a filing with the Securities and Exchange Commission. The company redeemed the stock at par.
The company plans to fully exit Tarp within 18 months, it said in the filing.
Uwharrie is the holding company for three North Carolina banks: the $349 million-asset Bank of Stanley in Albemarle, the $132 million-asset Cabbarus Bank & Trust in Concord and the $60 million-asset Anson Bank & Trust in Wadesboro. It plans to merge the three into a single bank by the end of the year, it said in an SEC filing last month.
Uwharrie's Tarp repayment was first reported in the Charlotte Business Journal.