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Colony Bankcorp in Fitzgerald, Ga., has redeemed about 17% of its Troubled Asset Relief Program preferred shares for about $4.3 million.
August 31 -
Roughly 20 banks still have capital from the crisis-era program. Most are way behind on dividend payments and have limited options to raise capital to repay the Treasury Department.
August 20 -
Synovus Financial in Columbus, Ga., has offered to acquire up to $100 million of its outstanding subordinated debt.
December 23
Colony Bankcorp in Fitzgerald, Ga., has redeemed about a quarter of its shares in the Troubled Asset Relief Program.
The $1.1 billion-asset company redeemed about $5.1 million of preferred stock, according to a Thursday news release. Colony still has about $18 million in Tarp shares remaining. The company said it plans to redeem additional shares in 2016, pending regulatory approval.
The Tarp shares redemption will be immediately accretive to earnings, Chief Executive Ed Loomis said in the release.
Colony initially issued $28 million of Tarp shares to the U.S. Treasury Department in 2009. The bank
