Plumas Bancorp Exits TARP With Repurchase of Warrant From U.S. Treasury
Date : 05/23/2013 @ 12:49PM
Source : Marketwired
Stock : Plumas Bancorp (MM) (PLBC)
Quote : $5.98 -0.02 (-0.33%) @ 4:02PM
In April 2013, the Company repurchased, at auction, 7,000 of the 11,949 shares of preferred stock originally sold to the Treasury in 2009. The remaining 4,949 shares were sold by the Treasury to investment firms unrelated to the Company. The Company paid $7.6 million for the 7,000 shares, resulting in a discount of approximately 7% on the face value of the preferred shares, plus related outstanding dividends.
Andrew J. Ryback, president and chief executive officer of Plumas Bancorp and Plumas Bank, commented, "We are pleased that we were able to repurchase our warrant at a fair price. The repurchase of our warrant not only protects our shareholders against dilution but also brings our relationship with the Treasury to a close.
The conclusion of our participation in the TARP program will allow us to focus on the critical tasks of strengthening our customer relationships and maximizing long-term shareholder value."