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VIDEOFive Banks That Have Paid Back TARP
By
Scott Reeves Apr 03, 2009 11:15 am
Brief scrutiny of today's headlines.
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The banks are the first to repay Uncle Sam - and the first to escape what looks like increasingly stringent regulations imposed on those who dip into TARP funds.
Banks repaying the loans are: Iberiabank (IBKC) of Lafayette, Louisiana; Bank of Marin (BMRC), Novato, California; Old National Bancorp (ONB) of Evansville, Indiana; Signature Bank of New York; and Centra Financial Holdings of Morgantown, West Virginia. Additional banks have announced plans to repay TARP funds, but have not yet done so. The US Treasury estimates it will soon receive $25 billion from other banks.
The US Treasury estimates that it has about $134.5 billion remaining in the rescue package. That suggests about 81% of the money has been sent to ailing banks.
Earlier this week, the US Treasury said it wouldn’t disclose the amount of funds disbursed through the Troubled Asset Relief Program.
The TARP program was enacted last October in an effort to inject capital into banks to enable them to increase lending, a key element of an economic recovery.
Major banks have participated in the program, including Citigroup (C), JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC).
No positions in stocks mentioned.
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