Additionally, the company declared that it has made an offer to the US Treasury to repurchase the outstanding warrant initially issued under the TARP
Capital Purchase Program in 2008, which represents the right to buy 2,093,284 shares of its common stock at USD67 per share, with an original term of 10 years.
"Based on the two partial repayments, we anticipate exiting the TARP
Capital Purchase Program by the end of 2013," said Todd Kanipe, president & CEO of Citizens First.
As part of the
Capital Purchase Program, the Treasury acquires preferred stock positions in banks under the Treasury's Troubled Asset Relief Program.
That made the credit card issuer eligible for the Treasury's
Capital Purchase Program, part of the Troubled Asset Relief Program, or TARP.
The company said it issued 4,227 shares of series A Fixed Rate Cumulative Perpetual preferred stock to the Treasury under the Troubled Asset Relief Program
Capital Purchase Program.
Several Arkansas banks--including Signature Bank of Arkansas and Rogers Bancshares Inc., the private holding company for Metropolitan National Bank of Little Rock--have said they will participate in the Troubled Asset Relief Program
Capital Purchase Program, which is part of last fall's congressional "bailout" of the financial services industry.
Department of the Treasury under the Troubled Asset Relief Program
Capital Purchase Program on December 23, 2008.
Home BancShares also issued 50,000 shares of preferred stock totaling $50 million to the Department of Treasury under the
Capital Purchase Program of the Emergency Economic Stabilization Act of 2008.
On October 24, 2012, the company repurchased all USD243.8m of the series B preferred stock that was issued to the Treasury under the TARP
Capital Purchase program. Following the settlement of the TARP warrant TODAY, the Treasury has no remaining equity stake in PrivateBancorp.
"We agreed to participate in the
Capital Purchase Program in late 2008 as an efficient means to supplement our capital strength and support continued growth during a time of economic uncertainty," said Peter Benoist, president and CEO.
Department of Treasury under its Troubled Asset Relief Program
Capital Purchase Program at a price of USD 243.8m plus USD 2.3m in accrued and unpaid dividends, USD 813,000 of which will be expensed in the fourth quarter 2012.
Department of Treasury under its Troubled Asset Relief Program
Capital Purchase Program at a price of USD243.8m plus USD2.3m in accrued and unpaid dividends, USD813,000 of which will be expensed in the fourth quarter 2012.
