West Bancorp. In West Des Moines, Iowa, said late Wednesday that it exited the Troubled Asset Relief Program.

The $1.3 billion-asset company said it was able to redeem $36 million in preferred stock without having to borrow any money or issue stock. West entered the Tarp in December 2008.

David Nelson, the company’s president and chief executive, David Nelson, said in the company was relieved from paying dividends to the Treasury Department that had totaled nearly $4.5 million while it was participating in the Tarp.

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