Business
Business

Fidelity moves to repay TARP

By Arielle Kass
June 4, 2013

Fidelity Southern Corp. is offering shares of its common stock in the hopes of raising money to buy back nearly $50 million in preferred shares it issued as part of a government bank bailout during the financial crisis.

The Atlanta banking company is offering $60 million of its common stock to repay the $48.2 million it owes for Troubled Asset Relief Program, or TARP, funds. The shares were purchased by the U.S. Treasury in December 2008 and sold for $42.8 million last summer.

Fidelity also plans to purchase its fixed rate trust preferred securities; the outstanding principal is $20.5 million.

Nine Georgia institutions have yet to repay TARP. The largest is Synovus, the Columbus bank that borrowed nearly $1 billion.

About the Author

Arielle Kass covers Gwinnett County for The Atlanta Journal-Constitution. She started at the paper in 2010, and has covered business and local government beats around metro Atlanta. Arielle is a graduate of Emory University.

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