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Illinois, Kentucky Banks Repay $210 Million in TARP to Treasury

Nov. 23 (Bloomberg) -- First Midwest Bancorp Inc. and Bank of Kentucky Financial Corp. repaid $210 million in Troubled Asset Relief Program bailout funds to the U.S. Treasury Department.

First Midwest, based in Itasca, Illinois, repurchased the outstanding TARP capital purchase program preferred shares from the Treasury’s $193 million investment, the department said in a statement today. Bank of Kentucky, based in Crestview Hills, repaid the remaining $17 million of the Treasury’s $34 million investment.

Taxpayers have recovered more than $258 billion from the bank portion of TARP, $13 billion more than the $245 billion the U.S. invested, according to the statement.

The Treasury this month boosted the estimated cost for its bailout of the auto industry by 65 percent to $23.6 billion in a monthly report to Congress.

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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