Monday, April 8, 2013

Uwharrie Capital Corp. repays three-quarters of its bailout

Uwharrie Capital Corp. has repaid three-quarters of its federal bailout money and says it will pay back the rest in the next 18 months.

The Albemarle-based parent company of community banks in Cabarrus, Anson and Stanly counties disclosed its repayment of $7.7 million in Troubled Asset Relief Program preferred stock in a securities filing. The bank originally received $10.5 million. The last $2.8 million will be paid in the next year and a half, according to the securities filing.

The company said in November it would issue new preferred stock to pay back the U.S. Treasury.

Uwharrie is in the midst of combining its three subsidiary banks and rebranding under one name.