MainSource Financial Group (MSFG) in Greensburg, Ind., has been cleared to redeem the last of the preferred stock it had issued through the Troubled Asset Relief Program.
The $2.8 billion-asset company has been given regulatory approval to pay $15.3 million for the outstanding shares and accrued dividends, it said Monday in a
It will buy the shares back from investors who bought them at a Treasury Department auction last year and says they are the last of its remaining Tarp-related preferred shares. MainSource received $57 million through the program in January 2009. In December, MainStreet
The Treasury separately had
MainSource also announced Monday a quarterly profit of $7.3 million, a 5% increase from the second quarter of 2012. It lowered its loan-loss provision to $1 million, from $2.5 million a year earlier.Net interest income shrunk by 5%, to $22.5 million, while noninterest income rose 6%, to $11.4 million, as service charges increased.
Noninterest expense rose 2%, to $23.9 million, as compensation and occupancy costs rose.
The Federal Deposit Insurance Corp.