From the EXPRESS-TIMES:
… Fulton Financial, which owns Easton-based Lafayette Ambassador and Hackettstown-based Skylands Community banks, said it repaid the U.S. Treasury $376.5 million, plus $3.01 million in accrued and unpaid dividends.
The government purchased preferred stock from Fulton Financial as part of TARP, named after the federal Troubled Asset Relief Program — a rescue effort intended to stabilize banks from the global financial meltdown.
“The TARP funds served as a form of insurance against the risk of a very severe and prolonged recession, and we appreciate how this investment bolstered our company’s historically strong capital position,” R. Scott Smith Jr., the bank’s chairman and chief executive officer, said in a news release…
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