Susquehanna Bancshares Sheds its TARP
CPBJ Reports: Susquehanna Bancshares Inc. has repurchased the warrant it issued the U.S. Treasury as part of its participation in the federal Troubled Asset Relief Program, the Lititz-based bank holding company said today.
The warrant, issued Dec. 12, 2008, permitted the Treasury to buy up to 3 million shares of Susquehanna stock at $14.86 per share. Susquehanna spent $5.3 million to repurchase it.
Susquehanna borrowed $300 million from the Treasury under TARP’s Capital Purchase Program. It repaid $200 million in April and the remainder in December.
Including the repurchase and dividend payments on the $300 million, the government made $29 million on its investment in Susquehanna, Chairman and CEO William Reuter said in a statement.
Susquehanna is the parent of Susquehanna Bank. Its shares are traded on the Nasdaq under the ticker symbol SUSQ.