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Carolina Trust Bank redeems TARP preferred stock

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Carolina Trust Bank redeems TARP preferred stock

As planned, Lincolnton, N.C.-based Carolina Trust Bank redeemed all 2,600 shares of its outstanding fixed-rate noncumulative perpetual preferred stock originally issued under the U.S. Treasury Department's TARP in 2009.

The bank exited the program in 2013, after the Treasury sold all $4.0 million of the stock to private investors. The bank then bought back $1.4 million of the outstanding stock, leaving behind $2.6 million, which the bank has now redeemed.

The redemption was made Dec. 12. The terms of redemption included principal at a par value of $1,000 per share plus accrued dividends, based on an annual dividend rate of 9%.

Carolina Trust Bank is a unit of Carolina Trust BancShares Inc.