Hamilton State Bancshares this week became the third Georgia bank to repay federal bailout money it was given during the height of the country's financial crisis, the company has announced.

Earlier this week, Hamilton State bought back the remaining preferred stocked it had issued to the U.S. Treasury in February 2009 in exchange for Troubled Asset Relief Program assistance. Hamilton State's share of the bailout was $7.35 million.

"From day one, our top priority has been to repay the Treasury Department's Capital Purchase Program as soon as possible," Robert Oliver, Hamilton State chairman and CEO, said in a news release. "By doing so, we have strengthened our financial standing and can move forward with our strategic growth plans."

In addition to repaying the TARP funds, Hamilton State has also raised $231.6 million through the sale of common stock, making the locally owned bank holding company among the highest capitalized banking firms in Georgia.

Oliver said Hamilton State will work with the Federal Deposit Insurance Corporation to identify and acquire failed or distressed banks in Georgia through the FDIC-assisted programs.

"Most importantly, we have placed Hamilton State in a position to provide sound benefits for our customers and strong returns for our shareholders," said Oliver, who couldn't be reached Thursday for additional comment.

Hamilton State is the third Georgia bank to fully repay its TARP obligations, joining Georgia Commerce Bancshares and SunTrust Banks. About two dozen other Georgia banks have not yet repaid TARP money.

Based in Braselton, Hamilton State Bank has offices in Hall, Jackson, Forsyth and Barrow counties.