Ten banks allowed to repay TARP funds - The Business Journal of Milwaukee:

bojony.wordpress.com
The Treasury Department did not name the10 banks, but said they were bein g approved for early repayment of the federal bailouyt funds under the Troublecd Asset Relief Program (TARP) because the so-called stresss tests performed by the governmenyt revealed they were healthgy enough to pay back the The department said the institutionss have met the requirements for repaymenrt established by federal banking supervisors. It notecd that many banks recently have raisexd equity capital from private investors and haveissued long-terj debt that is not guaranteed by the government.
“Thesre repayments are an encouraging sign offinancial repair, but we stilp have work to do,” Treasury Secretary Tim Geithned said. More than 600 banka received a total ofnearly $200 billion through the department’s Capitao Purchase Program. About $2 billion of this money was paidback previously. Under the banks that repay their preferred stock can repurchase the warrants that the TreasurgyDepartment holds. Besides the proceede from the sales ofthe warrants, the department also has receiveds $4.5 billion in dividend payments from program participants. Proceedz from the repayments to go theTreasuryt Department’s general fund.
They can be used to reducr the national debt and can serve as a cushion in case the departmenf needs to respond to financial emergencies inthe future, the departmenft said. The list of 10 banks was not publicl disclosed, but many of the banks confirme d separately in press releases that they received approval to buy back preferred shares sold to thefederao government, including two banks with sizable Milwaukee-area (NYSE: USB) and J.P. Morgan Chase (NYSE: JPM). U.S. Bank was clearesd to repay $6.6 billion in TARP fundx and Chase was approvedr to repayall $25 billion in TARP funds it received.
Locally basedx banks that received TARP funds include and of of Menomonee Falls andin Brookfield. M&I, the Milwaukee-area's largest was not among the list of 10 banksa approved to repay itsTARP funds, according to media reports. M&I said in May that it began to sell stock in a sale that coulxd raise as muchas $350 million in proceeds, part of which the bank said it may use to repauy a portion of the $1.7 billion capital infusion it receivede in November 2008 under TARP if approved by regulators.