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 email@example.com
To contact the editor responsible for this story: Christopher Wellisz at firstname.lastname@example.org