Greer Bancshares Incorporated, the parent company of Greer State Bank, Friday announced it has repurchased $3.15 million of its TARP preferred stock from the US Treasury. The repurchase, of the $9.9 million purchased in 2010, was made at full face value after paying all deferred TARP (Troubled Asset Relief Programs) dividends.

That continues the robust growth Greer State Bank has exhibited with nine consecutive quarters of profitable performance.

“We are pleased to be able to begin repaying this debt,” George Burdette, CEO, stated. “The TARP program served a useful purpose, and we are glad that our current condition allowed this payment. We are currently evaluating options that can enable us to repurchase additional outstanding shares.”

The bank is marketing 2014 as its 25th anniversary serving customers in greater Greer and surrounding markets. During the past two years, beginning with Vic Grout’s named as Chief Banking Officer, there has been a consistent growth of promotions from within the staff and hires from other banking entities that have buttressed the company. Last month Greer State Bank hired an internal marketing/publications person.

The bank’s February quarterly report stated the company virtually doubled the net income reported a year ago to date, $4.1 million to $8.2 million.

 

 

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