* Sees charge of $5.6 mln in Q1
* Says eliminates $3.7 mln in TARP dividends, accretion
March 10 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
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 biggest banks repaid the taxpayer money last year and
earlier this year, and with a few exceptions, they did so
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