Annapolis Bancorp repays remaining TARP funds

Shareholders to vote next month on acquisition by F.N.B.

March 07, 2013|By Eileen Ambrose, The Baltimore Sun

Annapolis Bancorp Inc. said it has repaid $4.07 million to the U.S. Treasury, wiping out the bank holding company's remaining obligation under the federal Troubled Asset Relief Program.

TARP was created during the 2008 financial crisis to provide capital to banks in exchange for dividend-paying shares.

Annapolis Bancorp, parent of BankAnnapolis, received $8.15 million in TARP money in January 2009 and had repaid half of that last year. The company said that over the years, it paid out $1.4 million in dividends to the government.

The Treasury still holds a warrant to purchase shares of Annapolis Bancorp's common stock, the company said Wednesday.

Pennsylvania-based F.N.B. Corp. announced in October that it would acquire Annapolis Bancorp in a stock-swap deal valued at about $51 million. Annapolis Bancorp shareholders will meet April 4 to vote on the proposed acquisition.

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