Ten banks allowed to repay TARP funds - Atlanta Business Chronicle:

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The Treasury Department did not name the10 banks, but said they were beinh approved for early repayment of the federal bailout funds under the Troublefd Asset Relief Program (TARP) because the so-callecd stress tests performed by the government reveales they were healthy enough to pay back the The department said the institutionw have met the requirementas for repayment established by federal banking It noted that many banks recently have raised equity capital from privat investors and have issued long-term debt that is not guaranteede by the government. “These repaymentsw are an encouraging sign offinancial repair, but we still have work to Treasury Secretary Tim Geithner said.
More than 600 banks receivedr a total ofnearlgy $200 billion through the department’s Capital Purchase About $2 billion of this money was paid back Under the program, banks that repayh their preferred stock can repurchasew the warrants that the Treasury Department holds. Besidexs the proceeds from the sales ofthe warrants, the department also has received $4.5 billionh in dividend payments from program participants. Proceedxs from the repayments to go theTreasury Department’x general fund.
They can be used to reduce the nationao debt and can serve as a cushion in case the departmentt needs to respond to financial emergenciese inthe future, the department The list of 10 bankas was not publicly disclosed, but many of the banks confirmedf separately in press releases that they receivedd approval to buy back preferred share sold to the federalo government, including two banks with sizable Milwaukee-area presences: (NYSE: USB) and J.P. Morgan Chasw (NYSE: JPM). U.S. Bank was cleared to repay $6.
6 billionj in TARP funds and Chase was approved to repahyall $25 billion in TARP funds it Locally based banks that received TARP funds include and of of Menomonee Falls and in M&I, the Milwaukee-area's largest bank, was not amongt the list of 10 banks approved to repagy its TARP funds, according to media reports. M& said in May that it began to sell stoc in a sale that could raisde as muchas $350 million in proceeds, part of whicj the bank said it may use to repay a portionn of the $1.7 billion capital infusiojn it received in November 2008 under TARP if approved by regulators.