Six Banks Repay Bailouts Valued at $2.66 Billion

Thursday, 23 Dec 2010 07:35 AM

 

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Six banks have repaid government bailouts worth a combined $2.66 billion, the Treasury department said Wednesday.

The banks are returning taxpayer money that they received in the aftermath of the 2008 financial crisis.

Huntington Bancshares, First Horizon National Corp., Wintrust Financial Corp., Susquehanna Bancshares Inc., Heritage Financial Corp. and The Bank of Kentucky Financial Corp. all paid back the money they owed.

Treasury requires banks wishing to repay their bailouts to raise money from private investors first. That shows that the banks are strong enough to stand on their own.

The banks also paid the government a total of $13.7 million in dividends that they owed in exchange for the loans.

Banks and financial institutions still owe the Treasury about $155 billion in bailout money. The government disbursed a total of $389 billion. Including today's repayments, private companies have returned a total of $234 billion.

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 This material may not be published, broadcast, rewritten or redistributed.

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