Six Banks Repay Total of $626 Million in Bailout Funds

Thursday, 30 Dec 2010 07:51 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Six banks have repurchased investments the government made under its taxpayer-funded financial rescue program, paying a total of $626 million including dividends, the Treasury Department said Wednesday.

With the latest payments, repayments by financial institutions under the Troubled Asset Relief Program now total $235 billion, with an additional $35 billion in income from dividends, interest, and the sale of other securities. The Treasury Department released a total $389 billion under TARP, created at the height of the financial crisis in October 2008.

The department released the following details of the latest repayments:

• EastWest Bancorp repurchased all of the $306.5 million in preferred shares it was issued under TARP's Capital Purchase Program. The bank, based in Pasadena, Calif., also paid accrued dividends of $1.9 million.

• Webster Financial Corp. repurchased all its $200 million worth of remaining outstanding shares, plus accrued dividends of $1.2 million. Webster, based in Waterbury, Conn., previously repurchased preferred shares totaling $100 million in March 2010 and $100 million in October.

• 1st Source Corp., of South Bend, Ind., repurchased all of its $111 million in outstanding shares, and paid accrued dividends of $678,333.

• Surrey Bancorp, based in Mount Airy, N.C., repurchased all $2 million in outstanding shares and $12,222 in accrued dividends. Surrey also repurchased additional preferred shares that the Treasury Department obtained from exercising warrants totaling $100,000, and paid accrued dividends on those additional preferred shares totaling $1,100.

• Nationwide Bankshares, based in West Point, Neb., repurchased all of the $2 million in outstanding subordinated debentures and paid accrued interest totaling $18,822. Nationwide Bankshares also repurchased additional subordinated debentures the Treasury Department obtained from exercising warrants totaling $100,000, and paid accrued dividends on them totaling $1,687.

• Haviland Bancshares Inc., of Haviland, Kan., repurchased all the $425,000 in outstanding shares and paid accrued dividends totaling $2,597. Haviland also repurchased $21,000 worth of additional preferred shares the department obtained from exercising warrants, and paid accrued dividends totaling $231.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved