Virginia bank to buy way out of TARP
July 6, 2009
By MoneyAisle
According to the Triangle Business Journal, Virginia’s First Community Bank is hoping to repay the money it received under the TARP program.
“First Community says it will sell about $50 million in its own common stock and plans to use the proceeds to buy back the preferred shares it sold to the government under the Troubled Asset Relief Program. The bank received $41.5 million from TARP.”