Ameris in Georgia to Buy Back Tarp Shares

Ameris Bancorp (ABCB) in Moultrie, Ga., has received regulatory approval to buy back its remaining preferred stock tied to the Troubled Asset Relief Program.

The $3.7 billion-asset company said in a regulatory filing Friday that the Federal Reserve Board will allow it to redeem 28,000 shares of preferred stock with a liquidation value of $1,000 each. Dividends are accruing at a 9% rate.

Ameris originally issues the shares were originally issued to the Treasury Department in November 2008. The Treasury sold the shares to private investors in June 2012 through a public offering.

The company said it plans to repurchase the shares during the first quarter.

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