Thursday, October 17, 2013

Uwharrie Capital pays back rest of its bailout investment

The Albemarle-based parent company of Uwharrie Bank said Thursday that it has finished paying the government back the $10 million bailout investment the U.S. Treasury made in the bank during the financial crisis.

The bank had paid back the first $7.7 million in April. Last year, the company disclosed it would issue new preferred stock to pay back the Treasury.

Uwharrie Bank is the new name for Bank of Stanly, Anson Bank & Trust, and Cabarrus Bank & Trust after they combined.

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