Three more banks have taken significant steps towards extricating themselves from the government's bailout program.
Florida-based 1st United Bancorp, which last month raised $57.5 million in a public offering, said it had raised an addition $10.5 million from underwriters exercising their over-allotment options --- the exact amount it owes the Treasury Department including dividends.
The bank said previously it would use the bulk of the additional capital to expand its operations by purchasing other regional banks.
CenterState Bancorp, the first bank in Florida to receive assistance under the Troubled Asset Relief Program, said it had paid $28 million to redeem shares held by the Treasury and pay off all accrued dividends.
"The perception of TARP got to be so negative that it wasn't worth the hassle," Jim Antal, the bank's chief executive officer, told the Orlando Business Journal.
New Jersey-based Center Bancorp, the parent company of Union Center National Bank, said it also planned to leave the bailout program. It announced the completion of a successful $8 million stock offering. In a statement, the bank said it would use the proceeds to redeem some of the $10 million in company stock currently held by the government.
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