Sun Bancorp, Inc. became the sixth financial institution to repay Treasury’s investment under the Capital Purchase Program (CPP). In its announcement last week, the company stated that it had “completed the repurchase of all 89,310 shares” of the preferred stock sold to Treasury on January 9, 2009. The repurchase price was $89,310,000 plus accrued interest of approximately $657,000. Treasury released a completed transaction report today indicating that total repayments by the six financial institutions totaled $442,310,000 or approximately 0.22% of Treasury’s completed CPP investments as of April 7, 2008.
Other financial institutions, such as First Niagara Financial Group, Inc., have announced their intention of repaying Treasury’s investment and more announcements of completed repayments are expected.