WASHINGTON Dec 22 Six bank holding companies
repaid a total of $2.7 billion in federal bailout funds they
received during the financial crisis, the Treasury Department
said on Wednesday.
Treasury said the banks repurchased preferred shares issued
as part of the Capital Purchase Program, the main vehicle it
used under its $700 billion bailout program to inject capital
into U.S. banks. They also paid accrued dividends.
The firms repaying funds were:
* Huntington Bancshares (HBAN.O) of Columbus, Ohio, repaid
$1.4 billion to retire Treasury preferred and paid accrued
dividends of $7.2 million;
* First Horizon National Corp (FHN.N) of Memphis,
Tennessee, repaid $866.5 million to retire Treasury preferred
shares and paid accrued dividends totaling $4.5 million;
* Wintrust Financial Corp (WTFC.O) of Lake Forest,
Illinois, repaid $250 million to retire preferred shares and
paid accrued dividends of $1.3 million;
* Susquehanna Bancshares Inc SUSQ.O of Lititz,
Pennsylvania, repaid $100 million worth of preferred shares and
paid accrued dividends totaling $513,889;
* Heritage Financial Corp (HFWA.O) of Olympia, Washington,
repaid $24 million in preferred shares and paid accrued
dividends totaling $123,133, and
* The Bank of Kentucky Financial Corp BKYF.O repurchased
$17 million of Treasury preferred shares and paid accrued
dividends of $87,361.
The repayments bring overall repayments under the
Treasury's Troubled Asset Relief Program to $234 billion out of
the overall $389 billion it disbursed.
Including the repayments and income from dividends,
interest and the sale of other securities, the Treasury said
its total intake from TARP is now $269 billion.
The Treasury injected some $204.9 billion into more than
700 banks. It still has about $35 billion invested in mostly
Treasury Secretary Timothy Geithner said last week he
expects the Treasury to earn a profit on all of its TARP
investments with the exception of housing rescue programs.
He also said the final cost of Treasury bailouts may be
under $25 billion.