Union Bankshares Corp. (UBSH) announced that it has redeemed the Preferred Stock issued to the U.S. Department of the Treasury by repaying the $59 million it received in December 2008 under the Capital Purchase Program.
The company plans to initiate discussions with the Treasury for the repurchase of the common stock purchase warrant issued to the Treasury in December 2008.
The company has 15 days from repurchase date to determine if it will offer to repurchase the common share warrant issued to the Treasury or allow the Treasury to liquidate the warrant in the open market.
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