Ameris Bancorp (ABCB) Receives Approval for Buyback of $24M TARP Preferred
- Amazon.com, Inc. (AMZN), HBO Enter Content Licensing Agreement
- Apple (AAPL) Q2 Preview: Results Seen Solid, Guidance Seen Weak and Capital Return Seen Higher
- Unusual 11 Mid-Day Movers 04/23: (HGT) (XOOM) (GWPH) Higher; (ZHNE) (UIS) (CREE) Lower
- Crescent Point Energy (CPG) to Acquire CanEra Energy for $1.1B
- Procter & Gamble Co. (PG) Tops Q3 EPS by 2c; Guides FY14
Ameris Bancorp (NASDAQ: ABCB) announced that the Company has received regulatory approval for it to repurchase up to $24 million in shares of the preferred stock the Company originally issued to the U.S. Treasury under the Troubled Asset Relief Program (TARP) in November 2008. The Company intends to effect such repurchases as soon as practicable in order to reduce the dividends payable with respect to the preferred stock, thereby positively impacting the Company's 2013 results. The Company anticipates completing additional periodic reductions in the remaining balance of the original $52 million TARP preferred stock investment through February 2014, subject to the receipt of regulatory approval and available earnings. The preferred stock was sold by the Treasury to other investors in June 2012 through a registered public offering as part of the Treasury's efforts to wind down its remaining TARP bank investments.
You May Also Be Interested In
- UPDATE: EMC Corp. (EMC) Reports In-Line Q1 EPS; Raises Qtr. Dividend
- Biogen Idec (BIIB) Being Probed by Government Regarding Promotions
- Ameris Bancorp Reports Net Income Of $8.4 Million For First Quarter 2014
Create E-mail Alert Related CategoriesCorporate News
Related EntitiesDividend, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!