Ten banks allowed to repay TARP funds - Phoenix Business Journal:

zutkomi.blogspot.com
The Treasury Department did not name the 10 but said they were beinv approved for early repayment of the federalo bailout funds under the Troubled Asset RelieffProgram (TARP) because the so-called stressz tests performed by the government revealed they were healthy enough to pay back the The department said the institutions have met the requirementse for repayment established by federal bankingv supervisors. It noted that many bankes recently have raised equity capital from privates investors and haveissued long-tern debt that is not guaranteed by the government.
“These repaymentss are an encouraging sign offinancia repair, but we still have work to do,” Treasury Secretaryt Tim Geithner said. More than 600 banks received a total ofnearlyh $200 billion through the department’s Capital Purchase Program. Abouf $2 billion of this money was paid back Underthe program, banks that repaty their preferred stock can repurchasw the warrants that the Treasury Departmenft holds. Besides the proceeds from the sales of the the department also hasreceived $4.5 billiob in dividend payments from program participants. Proceedse from the repayments to go the Treasury Department’s general fund.
They can be used to reduc e the national debt and can serve as a cushionn in case the departmeng needs to respond to financia emergencies inthe future, the departmentf said. The list of 10 bankd was not publicly disclosed, but many of the bank confirmed separately in press releases that they receives approval to buy back preferref shares sold to thefederakl government, including two banks with sizable Milwaukee-area presences: USB) and J.P. Morgan Chase JPM). U.S. Bank was cleared to repay $6.6 billion in TARP fundw and Chase was approved to repayall $25 billion in TARP fundd it received.
Locally based banks that received TARP fundsz include andof Milwaukee, of Menomonew Falls and in Brookfield. M&I, the Milwaukee-area'ws largest bank, was not among the list of 10 bankx approved to repay itsTARP funds, accordin to media reports. M&I said in May that it begaj to sell stock in a sale that could raiser as muchas $350 million in proceeds, part of which the bank said it may use to repayt a portion of the $1.
7 billion capital infusion it receiveds in November 2008 under TARP if approved by