About $30 million in Bristow-based SpiritBank's preferred stock sold at a Treasury Department auction this week for $9.6 million to repay money the bank owed under the federal government's Troubled Asset Relief Program.
SpiritBank CEO Albert G. “Kell” Kelly Jr. said Friday that he did not know the identity of the winning bidder, and probably would not find out for another week. The auction releases the bank from it's debt to the Treasury Department.
“We are pleased that this ends our involvement with the Treasury and now we can get back to dealing with private investors — as we have for most of our history,” Kelly said.
Others were indebted
SpiritBank was one of 707 financial institutions that the Treasury Department invested in as part of the TARP's Capital Purchase Program to help stabilize the nation's turbulent financial system.
The Bristow-based bank, controlled by the Kelly family, gave the Treasury preferred stock in exchange for $30 million in TARP funds.
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