WSFS Financial (WSFS) in Wilmington, Del., has repurchased preferred shares it issued the Troubled Asset Relief Program.

The $4.4 billion-asset company said Thursday that it repurchased $32.6 million of preferred stock held by private investors on Aug. 26.

WSFS issued $52.6 million of stock to the Treasury Department through the Tarp in January 2009. The Treasury auctioned those shares in March 2012. WSFS bought back $20 million of Tarp stock earlier this year.

Banks have been working to exit the Tarp before the interest rate on the shares jumps to 9% from 5% at the five-year anniversary of the shares' issuance.

Last year, WSFS Chief Executive Mark Turner said he hoped to exit Tarp in a "shareholder friendly way" before the rate increased. On Thursday, the company said it expects the redemption to immediately add to its earnings.

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