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U.S. Treasury collects $1.73 bln from M&I bailout
WASHINGTON, July 5 |
WASHINGTON, July 5 (Reuters) - The U.S. Treasury said on Tuesday that the buyer of Marshall & Ilsley Corp has repaid $1.73 billion in taxpayer funds related to the Milwaukee bank holding company's bailout.
Bank of Montreal (BMO.TO), as part of its acquisition of M&I, purchased $1.715 billion in M&I preferred shares held by the Treasury, paid final dividends of $11.9 million and purchased M&I warrants held by Treasury for $3.3 million.
The total brings recoveries from the Troubled Asset Relief Program's bank rescue efforts to $255 billion, against initial support of $245 billion, the Treasury said in a statement. The Treasury estimates that TARP bank programs will ultimately earn a profit of about $20 billion. (Reporting by David Lawder; Editing by Andrea Ricci)
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