Annapolis Bancorp has repaid half of the $8.2 million it received in federal banking bailout aid under the Troubled Asset Relief Program, or TARP, the parent company of BankAnnapolis said Wednesday.
The company, which accepted the money in 2009 during the nationwide financial crisis, has paid the U.S. Treasury more than $1.2 million in stock dividends since then.
"We are very pleased to take this significant step forward, which was made possible by the strength and consistency of our earnings and substantial improvement in our asset quality," Richard M. Lerner, the company's chairman and chief executive, said in a statement.
The company has had 10 consecutive profitable quarters and maintained solid capital levels, Lerner said. The bank expects to pay off the remaining $4.1 million TARP balance by January 2014.