Iberiabank Corp., Signature Bank, Old National Bancorp and Bank of Marin Bancorp became the first banks to repurchase shares of preferred stock sold to the U.S., exiting a program that imposed restrictions on recipients.
Iberiabank, the first to apply to return the money, redeemed the shares for $90 million, will record a $2.2 million first-quarter charge and a $1.1 million dividend tied to the capital, the Lafayette, Louisiana-based lender said in a statement today. Old National said it redeemed $100 million, Signature Bank bought back $120 million and Bank of Marin paid $28 million.
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