Los Angeles Times

Annapolis Bancorp repays remaining TARP funds

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.



Copyright © 2015, Los Angeles Times
Related Content
  • Health Professionals on the Move archive

    Health Professionals on the Move archive

    Readers submit photos and information on medical professionals who have recently been promoted, hired or honored. Select photos will be published in the Health and Medicine section of Sunday's edition of The Baltimore Sun. Caption size is limited and only photos are accepted in this feature. Submit...

  • Jobs in Health

    Jobs in Health

    Learn about the wide variety of careers in the health-care field in the words of local professionals. Also see the latest hirings and promotions at Health Professionals on the Move.