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Firstbank in Alma, Mich., plans to redeem its remaining Troubled Asset Relief Program shares for $17 million.
May 8 -
The Treasury Department will receive roughly $204 million from its latest auctions selling off the preferred shares of seven financial institutions from the Troubled Asset Relief Program.
June 28 -
The Treasury Department is auctioning off shares it owns in seven more community banks still left in the Troubled Asset Relief Program and at least five of the banks intend to bid on all or some of the shares themselves.
June 25
FirstBank (FBMI) in Alma, Mich., has redeemed its remaining shares issued in exchange for funds through the Troubled Asset Relief Program.
The $1.5 billion-asset company said Monday it had paid $17 million to buy back the shares from investors who
The company has redeemed all of the preferred stock and warrants it issued in connection with Tarp. "This redemption marks a key milestone in our company's successful navigation of the 'great recession,'" Thomas Sullivan, FirstBank's chief executive, said in a press release.
Last year, FirstBank bought back nearly half the shares it issued to Treasury in return for Tarp funds.
