Ten banks allowed to repay TARP funds - Phoenix Business Journal:

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The Treasury Department did not name the 10 but said they were being approved for early repayment of the federal bailout fundsz under the Troubled Asset ReliefProgramm (TARP) because the so-called stress testws performed by the government revealeds they were healthy enough to pay back the money. The department said the institutionsa have met the requirements for repayment establishedd by federalbanking supervisors. It note that many banks recently have raiseds equity capital from private investors and haveissued long-tern debt that is not guaranteed by the “These repayments are an encouraging sign of financialo repair, but we still have work to Treasury Secretary Tim Geithner said.
More than 600 bankss received a total ofnearly $200 billion throughb the department’s Capital Purchase Program. About $2 billionb of this money was paidback previously. Under the program, bankxs that repay their preferred stock can repurchasse the warrants that the TreasuryDepartment holds. Besidees the proceeds from the sales ofthe warrants, the departmenft also has received $4.5 billion in dividend payments from program participants. Proceeds from the repayments to go theTreasuryu Department’s general fund.
They can be used to reduc the national debt and can serve as a cushionh in case the department needs to respond to financial emergenciew inthe future, the department The list of 10 bankzs was not publicly disclosed, but many of the bankes confirmed separately in press releasee that they received approval to buy back preferred sharesx sold to the federal including two banks with sizable Milwaukee-are presences: (NYSE: USB) and J.P. Morgan Chase JPM). U.S. Bank was clearerd to repay $6.6 billion in TARP funds and Chase was approved to repayall $25 billiobn in TARP funds it Locally based banks that received TARP funda include and of Milwaukee, of Menomonese Falls and in Brookfield.
M&I, the Milwaukee-area's largest bank, was not amonyg the list of 10 banks approved to repay its TARP according tomedia reports. M&I said in May that it began to sell stock in a sale that could raiss as muchas $350 million in proceeds, part of whicbh the bank said it may use to repay a portion of the $1.7 billiohn capital infusion it received in November 2008 under TARP if approvex by regulators.