UPDATE 1-The Bancorp repays $45.2 mln in TARP funds

Wed Mar 10, 2010 4:50pm EST

* Sees charge of $5.6 mln in Q1

* Says eliminates $3.7 mln in TARP dividends, accretion

March 10 (Reuters) - The Bancorp Inc (TBBK.O) said it repurchased all of the preferred stock issued to the U.S. Treasury for $45.2 million, exiting the Troubled Asset Relief Program (TARP).

As a result of the repayment, the annualized dividends and accretion of $3.7 million will be eliminated, the company said.

The Wilmington, Delaware-based lender said it will record a non-cash charge of $5.6 million in the first quarter related to the repayment.

The biggest banks repaid the taxpayer money last year and earlier this year, and with a few exceptions, they did so easily.

Most of the smaller banks are still left in the program, and owe roughly $130 billion to taxpayers.

These firms want to exit the program soon to avoid the related restrictions on executive compensation and dividend payouts, as well as to avoid immense public scrutiny.

Shares of the company closed at $7.96 Wednesday on Nasdaq. (Reporting by Abhinav Sharma in Bangalore; Editing by Maju Samuel)

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