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S&T Bank parent repays $108.7 million in TARP funding |

S&T Bank parent repays $108.7 million in TARP funding

Pittsburgh Tribune-Review
| Thursday, December 8, 2011 12:00 a.m

S&T Bancorp Inc. said on Wednesday it repaid $108.7 million it received from the Treasury as part of the government’s Troubled Asset Relief Program, or TARP.

The Indiana, Pa.-based bank received the money in January 2009 in exchange for selling Treasury preferred shares S&T repurchased yesterday. S&T will save $1.8 million in the January-March quarter, and $6.2 million in all of 2012, in preferred dividend payments. S&T is the seventh area bank to repay TARP money out of the dozen local banks who borrowed under the program, which began in October 2008.

The bank is still evaluating whether to buy back the warrants it issued for Treasury to purchase 517,012 shares of S&T common stock, said Chief Financial Officer Mark Kochvar. S&T operates 27 branches in the Pittsburgh region.

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