Peoples Bancorp Inc. in Marietta, Ohio, plans to repay its remaining $18 million of federal aid next week.
The $1.8 billion-asset company will make the payment without selling more common equity thanks to its strong capital and liquidity levels, Chuck Sulerzyski, Peoples' president and chief executive, said in a news release Friday. The company expects its Tier 1 capital ratio to be 14% and its total risk-based capital ratio to be 15.3% after the transaction is completed on Dec. 28.
Peoples had received $39 million from the Troubled Asset Relief Program by issuing preferred stock to the Treasury Department in January 2009. It repaid $21 million of the funds in February of this year. The bank expects to immediately begin negotiations to repurchase the common stock warrant it also issued as part of Tarp.
