Greer Bancshares Incorporated Reports Repayment of all TARP Funds
July 23, 2014
GREER, SC – Greer Bancshares Incorporated, the parent company of Greer State Bank, today reported that it has repaid all of the $10,493,000 of TARP preferred stock through a series of repayments, all at full face value. The repayment of principal, and $2,059,000 of deferred and current year dividends, was achieved with several payments throughout the first seven months of 2014 using $6,597,000 in dividends from Greer State Bank as well as $5,955,000 in subordinated debt issued by the company. The company’s Directors purchased approximately 40% of the subordinated debt. The company paid the U.S. Treasury a total of $3,791,000 in dividends and interest since the TARP was issued.
George Burdette, President and CEO stated, “The TARP investment served a useful purpose when it was issued in 2009, reinforcing our capital during the height of the financial crisis. We are pleased that our financial progress has allowed this investment to be repaid, at full face value, along with almost $3.8 million in dividends and interest. We continue to pursue our goal to be the top performing community bank, and to see our vision carried forward of people’s lives positively changed by their association with Greer State Bank.”
About Greer State Bank
Now in its twenty-sixth year of operations, Greer State Bank serves the greater Greer community with three branch offices and a fourth branch office in the Taylors community. Greer Bancshares Incorporated trades in the over the counter market and is quoted on the OTC Bulletin Board under the symbol GRBS. More information on Greer State Bank can be found on the company website at http://www.GreerStateBank.com.
