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News Breaks | | | | August 30, 2012 | | 09:20 EDT |  | FCCO | First Community exits from U.S. Treasury's CPP/TARP program
First Community Corporation announced that it has repurchased $3.78M of its preferred stock from the U.S. Treasury through a modified Dutch auction process. The closing date of the transaction was August 29. This represents the repurchase of 3,780 shares of the original 11,350 shares of preferred stock sold by the company to the U.S. Treasury as part of the Capital Purchase Program, or CPP, under the Troubled Asset Relief Program, or TARP. The remaining 7,570 shares were purchased in this same Dutch auction by third party investors unrelated to First Community. The price was $982.83 per share, the highest price paid to date for a company in the Treasury auctions of shares in the CPP/TARP program. | |
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