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, which paid $280 million. Boyertown, Pennsylvania-based National Penn Bancshares Inc. repurchased shares and paid dividends totaling $150.6 million. Lakeland Bancorp Inc. 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 of San Jose, California, repurchased shares totaling $8.9 million and Norfolk, Virginia-based Heritage Bankshares Inc. repaid $2.6 million, the Treasury Department said.