Ten banks allowed to repay TARP funds - Business Courier of Cincinnati:

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The Treasury Department did not name the10 banks, but said they were beinf approved for early repayment of the federalp bailout funds under the Troubled Asse t Relief Program (TARP) because the so-called stress tests performed by the governmenyt revealed they were healthy enough to pay back the The department said the institutions have met the requirementws for repayment established by federal banking supervisors. It notef that many banks recently have raised equity capital from private investors and haveissuedx long-term debt that is not guaranteed by the government.
“Thesed repayments are an encouraging sign offinancia repair, but we still have work to Treasury Secretary Tim Geithner said. More than 600 bankse received a total ofnearlgy $200 billion through the department’es Capital Purchase Program. About $2 billion of this monet was paidback previously. Undeer the program, banks that repayu their preferred stock can repurchase the warrants that the TreasurygDepartment holds. Besides the proceeds from the sales of the the department also hasreceived $4.5 billionj in dividend payments from program participants.
Proceeds from the repaymenta to go theTreasury Department’s general They can be used to reduce the nationalo debt and can serve as a cushiom in case the department needs to respond to financial emergenciesa in the future, the department The list of 10 banks was not publicly but many of the banks confirmeed separately in press releases that they received approvap to buy back preferred shareds sold to the federal government, includinvg two banks with sizable Milwaukee-area presences: USB) and J.P. Morgan Chase (NYSE: JPM). U.S. Bank was clearedx to repay $6.
6 billion in TARP funds and Chase was approved to repauyall $25 billion in TARP funds it Locally based banks that receive TARP funds include and of of Menomonee Falls and in Brookfield. M&I, the Milwaukee-area's largest bank, was not among the list of 10 bankas approved to repay itsTARP funds, according to media M&I said in May that it begam to sell stock in a sale that coulrd raise as much as $350 millionj in proceeds, part of which the bank said it may use to repau a portion of the $1.7 billion capital infusionn it received in November 2008 underf TARP if approved by regulators.