Enterprise Financial repurchases $35m in stock
Enterprise Financial Services Corp announced today that it has repurchased the $35 million in preferred stock it issued to the U.S. Treasury under the Troubled Asset Relief Program (TARP) Capital Purchase Program. The preferred shares were repurchased at their full face value. In addition, the Company paid $0.4 million in accrued and unpaid dividends on the shares.
We agreed to participate in the Capital Purchase Program in late 2008 as an efficient means to supplement our capital strength and support continued growth during a time of economic uncertainty, said Peter Benoist, President and CEO. Since then we've accomplished those objectives, growing our assets by almost 30% and completing four FDIC-assisted acquisitions. Now, with the economy showing signs of recovery and given our stronger capital and liquidity positions, we decided the time was right to repurchase the preferred stock in full.