Three more banks have taken steps to extricate themselves from the federal bailout effort.
Bank Rhode Island Inc. said it had repaid the
$30 million it received under the Troubled Asset Relief Program. It also paid
accrued dividends and redeemed stock warrants it had given the government in
exchange for the assistance.
Commerce National Bank, based in California, also exited the bailout program, paying the Treasury Department $5 million plus
dividends.
A third bank announced a public offering to raise funds to possibly leave the bailout program in the near future. Monarch Financial Holdings Inc., the parent company of Virginia-based Monarch Bank, said it hoped to raise as much as $16.2 million through the sale.
Monarch currently owes the government $14.7 million, as well as accrued dividends.
Since the banking bailout began, the Treasury Department has given banks and other financial institutions $204 billion in assistance. So far, they have returned $70.7 billion, mainly out of concern over regulatory restrictions regarding executive pay and other uses of cash.
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