More banks repay TARP money

Five small banks have repaid all or part of their TARP money this month, while a fifth, much-larger bank - Fifth Third Bancorp - is preparing to retire its debt as well.

 

BCSB Bancorp Inc., the parent company of Baltimore County Savings, said Wednesday it had repurchased the $10.8 million in preferred stock it issued the Treasury Department when it got taxpayer aid through the Troubled Asset Relief Program in December 2008.

 

Fifth Third said it had completed a $1.7 billion stock offering, as part of its plan to repay $3.4 billion in TARP money and exit the program.

 

Washington Banking Co., based outside Seattle, retired its $26.3 million TARP debt earlier this month. Two banks in the Washington, DC area - Rockville Bank, of Rockville, Md., and United Financial Banking Cos., of Vienna, Va. - also repaid TARP money. Rockville Bank returned all of the $4.7 million it received in December 2008, while United Financial returned $3 million of the $5.7 million it got in early 2009.

 

Stockmens Financial Corp., of Rapid City, S.D., also has repaid $4 million of its $15.6 million in TARP aid, Treasury Department transaction reports show.

 

Three other banks that participated in TARP's Capital Purchase Program have repurchased the stock warrants they issued to the government as part of their aid packages.

 

Huntington Bancshares Inc. paid $49.1 million last week to buy back its warrants, while Susquehanna Bancshares inc. paid $5.27 million to do the same. First PacTrust Bancorp Inc.  paid $1 million to repurchase its warrants and complete its exit from TARP.

blog comments powered by Disqus