July 27 (Bloomberg) -- The U.S. Treasury Department said today it expects proceeds of approximately $248.5 million from the auction of stakes in 12 banks that received taxpayer funds after the financial crisis.
The Treasury said it priced auctions of preferred stock and debt positions in the banks in its effort to wind down its crisis-era bailout programs. The banks include Marquette National Corp. of Chicago, with about $1.7 billion in assets, and Exchange Bank of Santa Rosa, California, with about $1.6 billion.
The auctions are part of the Obama administration’s efforts to get repaid for initiatives such as the Troubled Asset Relief Program, which Congress approved in 2008 to prevent further damage from the financial crisis.
“TARP’s bank investment programs were critical to stabilizing an economy in freefall and have already realized a nearly $20 billion positive return for taxpayers,” Treasury Assistant Secretary Tim Massad said in a news release.
The other 10 banks whose Treasury stakes were offered are CBS Banc-Corp. of Russellville, Alabama; Commonwealth Bancshares Inc. of Louisville, Kentucky; Diamond Bancorp Inc. of Washington, Missouri; Fidelity Financial Corp. of Wichita, Kansas; First Community Financial of Joliet, Illinois; First Western Financial Inc. of Denver; Market Street Bancshares Inc. of Mount Vernon, Illinois; Premier Financial Bancorp Inc. of Huntington, West Virginia; Park Bancorporation of Madison, Wisconsin; and Trinity Capital Corp. of Los Alamos, New Mexico.
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