Peoples To Pay Off TARP

Fred Kight

Updated Tue, Dec 27, 2011 11:16 am

Officials for Peoples Bancorp in Marietta say the company plans to repay its remaining $18 million of federal aid to the TARP program this week.

The president and CEO of Peoples Bank says the $1.8 billion-asset bank will make the payment without selling more common equity thanks to its strong capital and liquidity levels.

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.