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Six Firms Return $475 Million in TARP Funds, Treasury Says

Six U.S. financial institutions repurchased Troubled Asset Relief Program investments, returning $475 million to taxpayers, the U.S. Treasury Department said.

Taxpayers have recovered more than 99 percent of about $245 billion disbursed for TARP investments in financial firms, the Treasury said in a statement today. The repurchases were part of the TARP Capital Purchase Program, the Treasury said.

The companies include Cincinnati-based Fifth Third Bancorp (FITB), which paid $280 million. Boyertown, Pennsylvania-based National Penn Bancshares Inc. (NPBC) repurchased shares and paid dividends totaling $150.6 million. Lakeland Bancorp Inc. (LBAI) of Oak Ridge, N.J., paid $20.1 million and Stockmens Financial Corp. of Rapid City, South Dakota, paid $12.4 million.

Bridge Capital Holdings (BBNK) of San Jose, California, repurchased shares totaling $8.9 million and Norfolk, Virginia- based Heritage Bankshares Inc. (HBKS) repaid $2.6 million, the Treasury Department said.

To contact the reporter on this story: Ian Katz in Washington at ikatz2@bloomberg.net

To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net

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