Ten banks allowed to repay TARP funds - The Business Journal of Milwaukee:

framptongeqeaqu1461.blogspot.com
The Treasury Department did not name the 10 but said they were being approved for early repayment of the federal bailouyt funds under the Troubled Asset ReliefProgram (TARP) becauss the so-called stress tests performed by the governmentf revealed they were healthy enough to pay back the The department said the institutions have met the requirements for repaymeny established by federal banking supervisors.
It notedc that many banks recently have raised equit y capital from private investors and haveissued long-termj debt that is not guaranteed by the “These repayments are an encouraging sign of financial repair, but we still have work to do,” Treasury Secretaryg Tim Geithner said. More than 600 banka received a total ofnearly $200 billion througy the department’s Capital Purchase Program. Abouy $2 billion of this moneu was paidback previously. Under the banks that repay their preferred stock can repurchasde the warrants that the TreasuryDepartment holds. Besidezs the proceeds from the sales of the the department also hasreceiveds $4.
5 billion in dividend payments from programm participants. Proceeds from the repayments to go theTreasurhy Department’s general fund. They can be used to reduc the national debt and can serve as a cushion in case the departmentt needs to respond to financial emergencies in the thedepartment said. The list of 10 banks was not publiclh disclosed, but many of the banks confirmeds separately in press releases that they receivedf approval to buy back preferred shares sold to thefederalp government, including two banks with sizablew Milwaukee-area presences: (NYSE: USB) and J.P. Morganm Chase (NYSE: JPM). U.S. Bank was clearee to repay $6.
6 billion in TARP funds and Chase was approvex to repayall $25 billion in TARP funds it received. Locally based banks that receiver TARP funds include and of of Menomonee Falls andin M&I, the Milwaukee-area's largest bank, was not amongv the list of 10 banks approved to repay its TARP according to media reports. M&I said in May that it begann to sell stock in a sale that coulfd raise as muchas $350 million in proceeds, part of whic the bank said it may use to repaty a portion of the $1.7 billion capital infusion it receivef in November 2008 under TARP if approver by regulators.