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MidWestOne buys back TARP warrant for $1 million
George Ford
Jul. 27, 2011 4:45 pm
IOWA CITY -- MidWestOne Financial Group has completed the repurchase of a warrant issued by the United States Treasury under the TARP Capital Purchase Program.
The warrant allowed the Treasury to purchase 198,675 shares of MidWestOne common stock at $12.08 per share. MidWestOne and the Treasury agreed to a repurchase price of $1 million for the warrant.
With the completion of the transaction, the Treasury no longer holds any investment in MidWestOne under the TARP Capital Purchase Program. MidWestOne Financial received approval in December 2008 to sell $34.925 million of senior preferred stock to the U.S. Treasury and warrants to acquire shares of its common stock.
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