Boston Private: We've paid back our TARP money

Boston Private Financial Holdings Inc. announced today that it has repaid the remaining $104 million in TARP money it owes the U.S. Treasury. The redemption of the preferred shares held by the government -- an investment made under the Troubled Asset Relief Program -- will result in annualized savings of $5.2 million, or 8 cents a share, the company said in a news release. Boston Private also said it will take a one-time, non-cash charge of $5 million, or 7 cents a share due to the acceleration of the preferred stock discount accretion. The redemption comes on the heels of Boston Private's announcement yesterday that the company plans to raise $25 million in a public stock offering. The financial services company said it intends to use the proceeds from the underwriting to strengthen its capital base and -- yes -- support the redemption of its remaining securities. Goldman Sachs & Co. will act as the sole bookrunner and Keefe, Bruyette & Woods will be the co-manager for the stock sale. (The Associated Press contributed to this article)