WSFS Financial Corporation, Wilmington, parent company of WSFS Bank, announced that it completed the redemption of its remaining cumulative preferred stock on August 26, 2013.
The stock was issued by the federal TARP program that injected liquidity into banks during the financial crisis of 2008 and 2009.
WSFS emerged from the downturn in solid condition and went to work to redeem the stock, which came with dividends that affected earnings.
This redemption was funded by available cash on hand from WSFS Financial Corporation. WSFS paid preferred stockholders $32,675,000, which included accrued and unpaid dividends.
WSFS previously repurchased $20 million of the $52.6 million outstanding preferred stock in open market transactions.